The Bank of Russia is set to implement measures to monitor international transfers relating to the purchase of cryptocurrencies by 2024, as stated in a document by the Central Bank. This move aims to enable the identification of transactions involving crypto-assets and evaluate their financial impact. The new rule will be applicable to individuals who are tax residents of Russia.
Over 20 Russian banks, including Raiffeisenbank, Unicreditbank, and Citibank, are expected to participate in the study. This announcement comes after the authorities’ previous attempts to agree on comprehensive cryptocurrency regulations in November were unsuccessful due to disagreements between various government bodies.
The State Duma, Russia’s parliament, is currently awaiting amendments to tax legislation concerning digital financial assets. Discussions on the value-added tax for cryptocurrencies will take place in the spring.