Russia will require banks to report their customers' cryptocurrency transactions.

PANews reported on January 16th that, according to Cryptopolitan, the Central Bank of Russia is planning new regulations requiring commercial banks to report in detail on their clients' cryptocurrency-related transactions. This requirement is part of an upcoming new reporting system for all cross-border fund transfers involving Russian citizens. According to the draft, banks will be required to report transactions involving cryptocurrency buying and selling, providing information such as the identities of both parties, the specific method of fund transfer, the intermediaries handling the transaction, and the fees charged. Furthermore, transactions involving digital rights, tokenized physical assets (such as securities and precious metals), and NFTs will also be reported separately.