Russia Targets Retail Crypto With 60K Ruble Reporting Rule

The reporting requirement is one piece of a broader push. Russia’s central bank has been working on crypto investor verification through banks and brokers. Separately, the government has moved to legalise crypto for foreign trade settlements. The dual-track approach – open for cross-border commerce, tight for domestic use – suggests regulators see crypto as a legitimate payment channel but not as an unsupervised one.

If enacted, the 60,000-ruble threshold would put Russia among the most granular reporting regimes globally. Most jurisdictions set the bar higher, typically $10,000 or equivalent, to filter out retail noise. The low line here signals a priority on comprehensive visibility rather than whale-only surveillance.

What happens next? The Duma has received the legislative text. Committee review and floor votes could take weeks to months. If the bill passes as drafted, exchanges will face a compliance deadline, likely phased in over six to twelve months. The central bank’s verification infrastructure would need to be operational before the reporting rule takes full effect.

A wildcard is enforcement on decentralised channels. If peer-to-peer platforms can route transactions around the reporting obligation, the rule’s practical bite is much weaker. That gap would become the main pressure point for regulators looking to tighten later.