The Bank of Russia has flagged cryptocurrency use as a financial market risk, warning that stablecoins and other digital assets could increasingly be used by Russians as substitutes for the national currency. According to the central bank's review "Main Directions for the Development of the Financial Market of the Russian Federation for 2027 and the Period of 2028 and 2029," investments in cryptocurrencies carry the possibility of complete loss of invested funds. The regulator specifically warned about the risks of anonymous and decentralized transactions, linking these characteristics to increased risks of digital currencies being used for illegal activity. Unlike traditional financial instruments, what the central bank described as "money surrogates" may lack an obligated counterparty or underlying collateral, leaving investors with no party against which to make a claim if asset values collapse.
Russia has implemented a new requirement for clients to provide their INN tax number when opening accounts with digital depositories, according to comments from adviser to the agency's director Vlada Gracheva on September 9. The Federal Financial Monitoring Service, known as Rosfinmonitoring, stated that the INN becomes a new mandatory identifier for crypto accounts to ensure transparency of cryptocurrency transactions. This requirement differs from Russian banks, which do not generally require an INN when customers open ordinary bank accounts. As per Vlada Gracheva, this marks the first time such a mandatory requirement has been imposed by any financial organization, emphasizing its significance in combating money laundering and ensuring transaction transparency. The INN is a 12-digit number assigned to a Russian citizen once and used throughout the Russian Federation, remaining unchanged even if the person changes their place of residence, surname, or other passport details.
The mandatory INN requirement forms part of Russia's expanded anti-money laundering controls for cryptocurrency activity, as reported by crypto.news. Russia's updated anti-money laundering law prohibits digital depositories and operators from opening digital accounts for anonymous clients or people using fictitious names. For transactions exceeding 60,000 rubles, covered entities must collect and transmit detailed information about parties involved, including full names, digital account numbers, addresses, dates of birth, and taxpayer identification numbers where applicable. Rosfinmonitoring has been granted authority to monitor all crypto transactions in accordance with the law "On Digital Currencies and Digital Rights," requiring Russian digital depositories and foreign financial organizations to submit data on Russians' transactions involving crypto assets when the transaction amount exceeds 60,000 rubles. Market participants must provide complete information about the payer and recipient—from the individual's surname, first name, and patronymic or the legal entity's name to their physical address.
The identification rules come as Russia's regulated crypto market formally opened on September 1 under the country's first comprehensive framework for cryptocurrency trading, custody and cross-border settlements. According to crypto.news, digital depositories form a key part of this system because they maintain records of clients' cryptocurrency and digital rights. The Bank of Russia had proposed detailed rules for depositories and exchanges in July, including requirements governing digital currency accounts, capital and registration. The Antidrop platform, whose operation requires linking INNs to bank accounts, is scheduled to launch in 2027, representing a significant technological advancement in Russia's crypto monitoring capabilities. The Bank of Russia is currently working on a mechanism for linking INNs to bank accounts, which is necessary for the operation of the Antidrop platform.
Under the new framework, non-qualified investors must pass a knowledge test and can purchase up to 300,000 rubles of eligible cryptocurrencies per year through each intermediary, as reported by crypto.news. Qualified investors must undergo testing as well but do not face the same annual purchase ceiling. The Bank of Russia has proposed Bitcoin, Ether and USDT as assets that can qualify for organized trading based on criteria covering market capitalization, liquidity and foreign trading history. The regulator has called for criminal liability for operators that organize digital currency circulation without regulatory authorization, while licensed market participants that violate applicable rules should face administrative liability. Russia had already established a licensing structure for crypto intermediaries before the latest warning, with draft regulations published in July setting requirements for cryptocurrency exchanges and digital depositories while placing registered market participants under central bank oversight.
Existing crypto service providers have until July 2027 to complete registration under the new regime, while later provisions governing certain transfer restrictions and nonresident digital depositories are scheduled to take effect on July 1, 2027. SberCIB Investment Research estimated in late August that Russia's regulated crypto market could process between 3.5 trillion and 4 trillion rubles in trading during its first year, with annual volume potentially reaching around 7.5 trillion rubles by 2029. Large financial institutions are preparing their own services, with Sberbank planning to launch a digital depository by December 1. The warning comes shortly after Russia opened a regulated domestic cryptocurrency market under central bank supervision, with President Vladimir Putin signing the underlying digital asset law on August 4 after the State Duma approved the legislation in July.
