The Central Bank of Russia (CBR) has proposed that commercial banks in Russia improve their control of crypto and regulatory activities. The goal is to halt transactions that seek to bypass the country’s “special economic measures to prevent the outflow of foreign currency overseas.”
This suggestion discusses investigating cryptocurrency trading, which is reportedly one of the methods of removing funds in Russia. This was mentioned in a letter issued to other financial organisations by the CBR’s vice chairman, Yuri Isaev, requesting that they begin investigating “abnormal” transactional activity, which includes any out-of-the-ordinary spending patterns.
The banking institution will target any withdrawals or similar types of spending made using digital currencies such as cryptocurrency.
The Russian Federal Financial Monitoring Service (Rosfinmonitoring) will be required to notify you of any suspicious transactions so that they may be halted as soon as possible. Special measures were adopted at the start of the Russia-Ukraine war to limit foreign money outflows as part of economic sanctions.
Purchases of real estate, securities, and other assets from other unfriendly countries or jurisdictions will need official approval. Additionally, Russia has assured that foreign currency transactions are limited to $5,000, as well as a cash cap of $10,000 for people travelling abroad.