The Central Bank will collect data on Russians' cryptocurrencies. Why is this necessary?

19 credit institutions will be required to provide the regulator with data on individual clients' transactions related to digital assets

The Bank of Russia has published a program of financial market surveys for the next six months. According to the document, in the fourth quarter of 2024 and the first quarter of 2025, individual banks will have to inform the regulator about cross-border transfers of Russians related to the purchase of crypto assets.

"The survey is being conducted in order to establish the possibility of identifying transactions related to the purchase/sale of crypto assets in the total volume of cross-border money transfers of individuals and assessing their value," the Central Bank's document says.