The Central Bank to Introduce Monitoring of Crypto Transactions

🟦Over the next six months, 19 credit institutions will be required to provide data to the Bank of Russia on client transactions involving digital assets. The regulator aims to assess the volume of cross-border transfers by Russians to cryptocurrency exchanges to monitor capital flows and prevent illegal activities.

🟦The Central Bank plans to analyze the transfer methods, names of payment systems, country codes, and transaction amounts, including suspicious activities. Experts question the accuracy of the findings, as many transactions occur through peer-to-peer (P2P) platforms.

🟦Despite the lack of comprehensive regulation, cryptocurrencies remain popular among Russians. In the first half of 2024 alone, the turnover volume reached 2.3 trillion rubles.