Russia mandates provision of a Taxpayer Identification Number to open a crypto account

TechFlow reported on September 11 that, according to Bits.media, Vlada Grachyova, an advisor to the Russian Federal Financial Monitoring Service, stated that customers opening accounts at digital custodial institutions in Russia will be required to provide their tax identification numbers to ensure transparency in cryptocurrency transactions and prevent money laundering. Previously, providing a tax identification number was not mandatory for bank account openings. Additionally, the Russian Federal Financial Monitoring Service has been authorized to monitor all crypto transactions. For any transaction exceeding 60,000 rubles, relevant institutions must report complete information about both parties, including names and physical addresses, to regulators. Meanwhile, the Central Bank of Russia is exploring mechanisms to link tax identification numbers with bank accounts, with a corresponding anti-fraud platform expected to officially launch in 2027.