Russia pushes bill to require reporting of crypto deals over $800

Russian authorities are pushing to grant Rosfinmonotoring, the country's financial transaction watchdog, the power to supervise all cryptocurrency-related transactions, Bits.media reported. Under the proposed legislation, domestic digital custodians and foreign financial institutions would be required to submit detailed information for transactions exceeding 60,000 rubles (around $800). This includes the payer and payee's full name, wallet address, physical address, date of birth, and personal taxpayer number. For transactions below this threshold, only the name and wallet address would be required. The bill is expected to take effect on Sept. 1, alongside other cryptocurrency legislation. Russia is simultaneously pursuing laws that would recognize cryptocurrency as property while also strengthening government control over the sector.