Russia will require banks to report customers' cryptocurrency transactions

PANews January 16 News, according to Cryptopolitan, the Russian Central Bank is planning to introduce new regulations requiring commercial banks to report in detail on customer transactions related to cryptocurrencies. This requirement is part of the upcoming new reporting system for all cross-border fund transfers by Russian citizens. According to the draft, banks need to report transactions involving cryptocurrency buying and selling, and provide information such as the identities of the parties involved, the specific methods of fund transfer, the intermediary institutions handling the transactions, and the fees charged. Additionally, transactions involving digital rights, tokenized physical assets (such as securities and precious metals), and NFTs will also be reported separately.