Russia intends to authorize the Financial Monitoring Service to monitor all aspects of encrypted transactions, and more than 60,000 roubles require detailed information

On 10 July, according to Bitsmedia, the Russian Government intends to adopt a supplementary act authorizing the Financial Monitoring Service of the Russian Federation to monitor all encrypted transactions and to request more detailed information on encrypted transactions in excess of 60,000 roubles and foreign-encrypted transactions in excess of 1 million roubles. Russian digital storage institutions and foreign financial institutions are required to submit the name or business name of the payee and the recipient, the address of the wallet, the physical address, the date of birth and the tax number; only the name or business name and the wallet address are required for transactions under 60,000 roubles. The bill also proposes to set the ceiling on bank digital asset exposure at 1 per cent of the capital of the banking group and to expand the powers of the Central Bank of Russia to restrict or prohibit some encrypted transactions. The relevant legislation, which was originally scheduled to enter into force on 1 July, was blocked and could now be implemented on 1 September。