Russia Orders Banks to Report All Crypto Transactions

Russia’s Central Bank is preparing sweeping new requirements that will force commercial banks to report detailed information about their customers’ cryptocurrency transactions. The move comes as the country prepares to fully regulate its digital asset market in 2026.

The Bank of Russia released a draft regulation this week outlining comprehensive reporting obligations for financial institutions. These requirements will cover nearly all international monetary transactions conducted by Russian citizens, with specific provisions for cryptocurrency activities.

The Bank of Russia plans to revise reporting rules for private international transfers, requiring commercial banks to provide detailed customer cryptocurrency transaction data, including sender/receiver identity, transfer method, intermediary, fees, type, and source.…

— Wu Blockchain (@WuBlockchain) January 16, 2026

Banks must now provide extensive details about both senders and receivers in any transaction. This includes confirming whether parties are residents of Russia or foreign jurisdictions.

The reporting framework demands information about the exact transfer method used, the intermediary processing the transaction, and all associated fees. Transaction types and fund sources must be clearly stated, whether cash, bank account, credit card, or electronic means.

Russia’s Crypto Mining Enters the Spotlight

Cryptocurrency purchases and sales will require separate reporting under the new rules. A dedicated section will track deals involving digital rights and tokenized real assets like securities and precious metals.

Non-fungible tokens fall under these new reporting requirements as well. The framework references Russia’s existing law “On Digital Financial Assets” for guidance on covered instruments.

The Central Bank justified the regulatory expansion by citing the need to accurately reflect new economic phenomena. Russia’s balance of payments, international investment position, and external debt calculations require updated data sources.

Cryptocurrency mining provides a prime example of these emerging economic factors. Russia officially recognized mining as a legitimate industrial activity in late 2024, establishing a regulatory framework for the sector.

In December 2025, a Kremlin administration member described mining income as significant enough to constitute a “hidden export.” This official noted the sector’s growing influence on Russia’s currency market.

The aide to President Putin recommended including mining proceeds in the balance of payments. The Central Bank chief later acknowledged that the mining industry is actively strengthening the ruble.

Global Regulatory Wave Builds Momentum

Russia joins a growing number of nations tightening cryptocurrency oversight. Nigeria enacted similar legislation through the Nigerian Tax Administration Act 2025, requiring crypto service providers to collect customer identification numbers.

The Nigerian framework enables authorities to link digital asset transactions directly to real identities. This positions Nigeria alongside international standards set by the OECD’s Crypto Asset Reporting Framework, effective January 2026.

Nigeria’s New Tax Law Makes Crypto Transactions Traceable. Read more: https://t.co/WLirLDlqFs

— Coinwaft (@coinwaft) January 15, 2026

Nigeria’s cryptocurrency market processed an estimated $92.1 billion in value between July 2024 and June 2025. Nigerian authorities aim to boost tax revenue as a percentage of GDP from under 10% to 18% by 2027.

Meanwhile, Russia’s Central Bank submitted additional cryptocurrency investment rules in late December 2025. These proposals establish separate pathways for qualified and unqualified investors to access digital assets.

Under the proposed framework, digital currencies and stablecoins gain recognition as currency values. Russians would buy and sell these assets exclusively through licensed intermediaries.

Domestic cryptocurrency payments remain prohibited under the framework. The Central Bank maintains that cryptocurrencies carry substantial risks due to volatility and sanctions-related concerns.

The regulator emphasized that investors face potential total loss of funds. This warning serves as a cornerstone of the new investment framework.

Beyond cryptocurrency, the expanded reporting requirements cover additional digital services. Video game purchases, computer services, insurance payments, and communication services will all require more detailed documentation.

The Bank of Russia’s draft regulation awaits final approval before implementation. Commercial banks across the country must prepare systems to capture and report the extensive transaction data now required.