Russia Orders Banks to Report Client Crypto Transactions

• Russia extends bank reporting to include detailed crypto cross-border transfers.
• Banks must disclose senders, recipients, methods, intermediaries and fees charged.
• Rules also cover digital assets, NFTs, online services and cross-border payments.

Russia has expanded bank reporting rules to include customer cryptocurrency transactions. The Bank of Russia released draft regulations covering cross-border transfers by Russian citizens. Under the proposal, banks must report who sent and received funds, how transfers occurred, which intermediaries were used, and the fees charged.

Crypto and Cross-border Flows

The Bank of Russia is preparing amendments to reporting rules for financial institutions handling individual money transfers. Notably, the changes extend to cryptocurrency-related operations conducted through banks. According to a draft regulation, banks must submit expanded details on almost all international transactions by individuals.

The regulator will require banks to identify whether senders and recipients are Russian residents. However, banks must also disclose the exact transfer method used. Additionally, reports must list intermediaries involved and the fees charged on each transaction.

The reporting framework also demands clarity on transaction sources. Banks must specify whether funds originated from cash, bank accounts, cards, or electronic instruments. Consequently, each transfer will carry a full transaction profile submitted on a per-transaction basis.

Within this structure, cryptocurrency transactions receive specific treatment. Banks must separately report purchases and sales of digital currencies. Moreover, the Central Bank defines digital currency as electronic data circulating on distributed ledger systems.

Digital Assets and Online Payments 

Beyond cryptocurrencies, the reporting rules widen to cover digital financial assets, known as DFAs under Russian law. These include tokenized rights to real-world assets, such as securities and precious metals. Notably, banks must submit these transactions through a dedicated reporting section.

The draft rules also reference non-fungible tokens and similar digital instruments. Transactions involving utility digital rights will require separate classification. As a result, banks must differentiate investment activity from other digital asset usage.

However, the scope does not stop at investment-related transfers. The Central Bank also requires tracking of video game purchases and online service payments. These include software, insurance and communication services.

More detailed data will also apply to online purchases of physical goods. For example, banks now have to share more detailed information when vehicles are bought through online and digital marketplaces. This wider reporting is meant to ensure that new types of economic activity are properly captured in official financial records.

The Bank of Russia says these updates are meant to keep up with changes in the economy. In simple terms, the goal is to get more accurate data on money flows in and out of the country, foreign debt, and international investments.

Related: Russia Rolls Out Tiered Crypto Access for Domestic Investors

Legislative Backing and Institutional Exposure 

Alongside reporting reforms, lawmakers are advancing legislation to formalize crypto oversight. Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, confirmed a bill targeting crypto reporting. Authorities aim to pass the legislation during the spring 2026 session.

The bill aligns with the Bank of Russia’s regulatory concept unveiled last December. That proposal classifies Bitcoin, Ether, and similar assets as monetary assets. It also allows limited retail access for non-qualified investors after risk awareness testing.

Despite this access, domestic crypto payment bans remain in place. Regulators continue to prioritize ruble stability through controlled crypto usage. Consequently, the framework emphasizes monitoring rather than liberalization.

Separately, the Bank of Russia plans a market-wide crypto analysis in 2026. Several commercial banks will submit data on crypto investments and loans to crypto companies. The review is meant to find out how much exposure regulated banks and financial institutions have to crypto.

It follows guidance issued in October that allowed banks to work with crypto assets. It also builds on a late-2024 decision that officially recognized crypto mining as a regulated industrial activity. In December 2025, a Kremlin official even referred to mining income as a “hidden export,” noting its impact on currency markets.

Under the new reporting rules, digital assets and cross-border transfers will be more closely monitored by banks. Commercial banks must now submit detailed transaction data, and regulators will assess how exposed institutions are to crypto assets. These steps are intended to get Russia’s financial system ready for full crypto regulation expected in 2026.