Russia plans to authorize the Financial Monitoring Agency to monitor encrypted transactions, and information must be submitted for transactions exceeding 60000 rubles

According to Bitsmedia, the Russian government plans to authorize the Federal Financial Monitoring Service of Russia to monitor cryptocurrency transactions. The bill requires detailed information to be submitted for encrypted transactions exceeding 60000 rubles and foreign-related encrypted transactions exceeding 1 million rubles. Russian digital depository institutions and foreign financial institutions are required to submit the names or business names, wallet addresses, physical addresses, dates of birth, and tax identification numbers of the payer and payee; Transactions below 60000 rubles only require providing the name or company name and wallet address. The bill intends to set the upper limit of digital asset exposure for banks at 1% of the capital of the banking group, and expand the authority of the Russian Central Bank to restrict or prohibit certain encrypted transactions. The relevant laws may come into effect on September 1st.