Russia Weighs Mandatory Oversight for Crypto Transactions Above 1 Million Rubles

Russia's State Duma is reviewing a supplemental bill tied to the Digital Currency and Digital Rights Law that would require compulsory monitoring of cryptocurrency transactions exceeding 1 million rubles (about $13,700), according to Bits.media. Under the proposal, crypto exchange operators would be required to identify customers, flag suspicious activity, establish internal controls and document management systems, submit data to government agencies, and connect with the Central Bank of Russia. Digital compliance checks would become mandatory, covering money laundering risks, financing of designated harmful organizations, and other wallet- and crypto-related threats. The bill would also allow exchangers to delegate customer identification to banks and require them to operate as noncredit institutions. The central bank would be empowered to limit their operations, demand management changes, remove firms from the registry, or seek court-ordered liquidation. The draft includes administrative and criminal penalties. Officials could face fines of 30,000–50,000 rubles, while legal entities could be fined 700,000–1,000,000 rubles. Organizing illegal cryptocurrency circulation could carry a prison term of up to seven years.