Russia mandates tax IDs for crypto accounts
Russian digital depositories must now collect taxpayer identification numbers to open crypto accounts, a move that tightens anti-money laundering controls in the newly regulated market.
Russia has made the 12-digit individual taxpayer number, or INN, a mandatory requirement for opening digital depository accounts. This change applies to all clients seeking to record cryptocurrencies and digital rights within the country's new regulatory framework.
The Federal Financial Monitoring Service, Rosfinmonitoring, stated that the identifier is required to enhance the transparency of cryptocurrency transactions. The rule takes effect immediately for new account openings with Russian digital depositories.
Identity checks tighten for crypto
Vlada Gracheva, an adviser to the Rosfinmonitoring director, confirmed the requirement on September 9. She described the INN as a new mandatory identifier specifically for the anti-money laundering system. This marks a divergence from standard banking practices, where an INN is not typically required to open an ordinary bank account.
The identifier remains attached to the taxpayer regardless of changes to their address or surname. It is commonly used for tax and employment purposes in Russia. By requiring it for crypto, regulators link digital asset activity directly to the national tax and identity infrastructure.
Reporting thresholds for large transfers
New rules require covered entities to report detailed information for transactions exceeding 60,000 rubles. This includes the full name, digital account number, or wallet identifier of both the payer and the recipient. Additional details such as residential address and date of birth may also be required.
Transactions below this threshold have lighter reporting requirements. However, if a financial institution suspects money laundering or terrorist financing, the extensive identification rules apply regardless of the amount. Legal entities face separate identification requirements covering their names, locations, and taxpayer numbers.
New market rules take effect
These measures follow the formal opening of Russia's regulated crypto market on September 1. This was the first comprehensive framework for cryptocurrency trading, custody, and cross-border settlements. The Bank of Russia proposed detailed rules for depositories and exchanges in July, which included requirements for capital and registration.
The updated anti-money laundering law prohibits digital depositories from opening accounts for anonymous clients or those using fictitious names. This prohibition ensures that all digital financial asset issuers and account holders are identified. The source, GN markets/crypto, notes that this represents a significant expansion of state oversight over digital assets.
