Russia plans to implement mandatory monitoring of cryptocurrency transactions valued at over 1 million rubles

According to Bits.media, the State Duma of Russia is reviewing a supplementary bill parallel to the "Digital Currency and Digital Rights Law," which aims to enforce mandatory monitoring of cryptocurrency transactions exceeding 1 million rubles (approximately $13,700). The bill requires operators to identify customers, recognize suspicious transactions, implement internal controls and documentation management, transmit data to government agencies, and interface with the Central Bank of Russia.

Digital compliance will become a mandatory requirement, including checks for money laundering and risks associated with funding organizations deemed undesirable. Exchange operators may delegate customer identification procedures to banks and must operate as non-credit institutions. The Central Bank has the authority to restrict their activities, demand changes in management, remove them from the register, or even liquidate the company through the courts.

The supplementary bill also includes administrative and criminal liabilities, with fines for violations ranging from 30,000 to 50,000 rubles for public officials and 700,000 to 1 million rubles for legal entities. Illegal circulation of cryptocurrency by organizations may result in a maximum sentence of seven years in prison.

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