Bitsmedia reported that Russian authorities are pushing a plan to grant Rosfinmonitoring, the agency responsible for overseeing financial transactions, the authority to supervise all cryptocurrency-related transactions. Digital depositary institutions within Russia and foreign financial institutions will be required to submit the payer's and recipient's names, wallet addresses, actual residence, date of birth, and individual taxpayer identification numbers for transactions exceeding 60,000 rubles (approximately $800). For transactions below this amount, only the name and wallet address need to be submitted. This bill, along with other cryptocurrency legislation, is expected to come into effect on September 1. Russia is also simultaneously pursuing laws that recognize the property rights of cryptocurrencies while strengthening government control.
