According to Bits media, the Russian government plans to pass a supporting bill authorizing the Federal Financial Monitoring Service of Russia to oversee all crypto transactions. It will require more detailed information for crypto transactions exceeding 60,000 rubles and cross-border crypto transactions over 1 million rubles. Russian digital custodians and foreign financial institutions will need to report the names or company names of payers and recipients, wallet addresses, physical addresses, dates of birth, and tax IDs. For transactions under 60,000 rubles, only the name or company name and wallet address are required. The bill also proposes setting a cap on banks' digital asset exposure at 1% of the banking group's capital and expanding the Russian Central Bank's authority to restrict or prohibit certain crypto transactions. The related legislation was initially planned to take effect on July 1 but faced delays and may now be implemented on September 1. https://(wublock123.com)/news/russia-authorizes-financial-monitoring-agency-crypto-reporting-over-60000-rubles-64356