The Central Bank of Russia is set to investigate cross-border cryptocurrency transfers by residents, with an emphasis on banking channels to evaluate the scale of crypto-related activities.
The central bank of Russia will initiate an inquiry into cross-border cryptocurrency transactions conducted by residents in the fourth quarter and the first quarter of 2025, as outlined in its recent oversight program aimed at identifying and quantifying activities associated with the buying and selling of cryptocurrencies.
This investigation will concentrate on key aspects such as transaction types, direction of transfers, counterparties involved, and the banks that facilitate these operations, the central bank noted in a statement. The study will involve major financial institutions, including Raiffeisenbank, Citibank, MTS Bank, Unistream, along with several regional banks like Asia-Pacific Bank, Ak Bars Bank, and Avangard.
The statistics department of the regulator will evaluate the volume and value of crypto-related cross-border transfers to understand their impact on the overall financial ecosystem.
This initiative aligns with the increasing adoption of cryptocurrencies in Russia. According to recent studies, nearly 20% of Russians have engaged with cryptocurrencies, while over 65% are aware of them yet lack comprehensive understanding. Despite this heightened awareness, most Russians do not own digital tokens, with only a minor segment utilizing cryptocurrencies for savings or investment purposes.
A June report from fintech firm Triple A indicated that around 6% of Russians possess cryptocurrencies, representing over 9 million individuals, which implies that more than 12% of the working population has acquired cryptocurrencies.
In April 2022, Russia’s Prime Minister Mikhail Mishustin disclosed in the State Duma that more than 10 million citizens own crypto wallets, which might contain over 10 trillion rubles (more than $107 billion at current rates). However, the source or methodology behind this estimate was not provided.
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