Key Reporting Requirements

The Bank of Russia is revising its reporting rules for private international financial transactions. Commercial banks will be required to disclose detailed information on cryptocurrency-related activities, including both purchases and sales.

These revisions are designed to enhance transparency within Russia's crypto market. The new mandates will likely impact both domestic and international crypto trades by requiring comprehensive disclosures from banks that handle such transactions.

Scope of Disclosures

The Bank of Russia plans amendments that will require commercial banks to disclose detailed information regarding private international transactions involving cryptocurrencies. These disclosures will encompass critical data points such as buyer identities, transaction methods, and associated fees. This will fundamentally alter how banks report their crypto-related activities.

The Central Bank of Russia's (CBR) initiative specifically targets private individuals' cross-border transactions. These amendments are linked to broader efforts in regulating cryptocurrencies. The new rules mandate separate reporting for the purchase and sale of cryptocurrencies, tokenized assets, NFTs, and digital rights, as defined under the "On Digital Financial Assets" law.

Impact on Market and Operations

The implementation of these new rules could significantly influence the international utilization of cryptocurrencies, tokenized real-world assets, and NFTs. Banks will experience a direct impact on their operations, necessitating the development of new reporting structures to align with the CBR’s objectives for enhanced transparency and market regulation. As stated by the Central Bank of Russia, “We are proposing to enhance transparency in crypto-related transactions by extending reporting obligations to include detailed disclosures of buyer and seller identities, transfer methods, and other critical information.”

These regulations may precipitate market shifts as financial institutions adapt to the new compliance requirements. This adaptation could potentially alter how crypto transactions are conducted and how banks approach investment strategies. This development follows the CBR's decision to ease some outbound transfer restrictions in December 2025.

Broader Regulatory Context

The announced changes signify a broader trend towards increased regulation within the cryptocurrency industry globally. As the CBR enhances its oversight mechanisms, banks will be compelled to adjust their existing practices. This adjustment could have a notable effect on global crypto transactions and investment activities. Banks are now tasked with the responsibility of maintaining detailed reports to ensure compliance with these new regulations.

The CBR's actions are expected to yield significant regulatory and technological outcomes by promoting greater transparency in the realm of digital financial assets. This push for transparency supports a market study that is planned before summer 2026. The objective of this study is to assess banks' exposure to cryptocurrency markets and to ensure full compliance with Russian law.