Russia Mandates Tax ID Submission for Cryptocurrency Account Setup

Russia plans to mandate the submission of a taxpayer identification number (INN) for individuals opening cryptocurrency accounts at domestic digital asset custodians, according to Bitsmedia. The Russian Financial Supervisory Agency explained that the move aims to strengthen anti-money laundering efforts and ensure transaction transparency. Additionally, cryptocurrency transactions exceeding 60,000 rubles (960,000 KRW) by Russian citizens will require reporting of payer and recipient details to authorities.