Russia to require taxpayer ID for opening crypto accounts

Russia plans to require taxpayers to submit their taxpayer identification number, or INN, when opening crypto accounts at domestic digital asset depositories, Bits.media reported. Russia’s financial regulator said the measure is aimed at preventing money laundering and improving transaction transparency. Russian residents making crypto transactions worth more than 60,000 rubles will also be required to report payer and recipient information and other details to authorities, according to the report.