New Reporting Rules for Cross-Border Transfers
In Russia, banks are now required to report detailed information about their customers’ cryptocurrency transactions to authorities. This regulation is being implemented as part of new reporting rules covering all cross-border money transfers made by Russian citizens. This development precedes the comprehensive cryptocurrency market regulation that is planned for this year.
Central Bank's Proposed Changes to Reporting Obligations
The Russian Central Bank is preparing changes to the reporting obligations of financial institutions concerning money transfers initiated by individuals. According to information published in local media, based on a draft regulation, banks will be obligated to share comprehensive data on almost all international transfers by Russian citizens. This includes transactions related to cryptocurrencies.
The draft proposes that details such as whether the sender and recipient reside in the Russian Federation or another country, the method of transfer, the intermediary institution used, the fees applied, and the type and source of the transaction must be provided. These sources can include cash, bank account, credit/debit card, or other electronic means.
Expanded Reporting for Digital Assets and Other Transactions
Furthermore, cryptocurrency purchases and sales will need to be reported separately. A dedicated reporting column is also being created for transactions related to digital rights, such as tokenized securities and precious metals, as well as NFT-like instruments, as defined under Russia’s “Digital Financial Assets” (DFA) law. In addition to crypto investments and transfers, video game purchases and payments for computer, insurance, and communication services will also be recorded in greater detail.
Justification for Updated Reporting Standards
The Russian Central Bank justifies the update to its reporting standards by citing the need to accurately reflect new economic phenomena in balance of payments, international investment position, and external debt statistics. Cryptocurrency mining, which is slated to be recognized as a legal industrial activity by the end of 2024, is a prominent example of this.
Cryptocurrency Mining Revenue and Economic Impact
In December 2025, a senior Kremlin official stated that revenue generated in the cryptocurrency mining sector had grown to the point where it could be considered “hidden exports” and was influencing the foreign exchange market. The official suggested that these revenues be added to the balance of payments. The head of the Russian Central Bank also acknowledged that the sector contributed to the strengthening of the ruble.