Russia to require tax IDs for opening crypto depository accounts

Russia has made taxpayer identification numbers a mandatory part of opening digital depository accounts used to record cryptocurrencies and digital rights as authorities tighten identity checks across the country’s newly regulated crypto market. Summary Russia will require clients to provide their INN tax number when opening accounts with digital depositories. Rosfinmonitoring said the mandatory identifier will be used to improve transparency of cryptocurrency transactions. Crypto transactions above 60,000 rubles will require detailed information about the payer and recipient to be reported. The requirement comes as Russia rolls out its regulated crypto market and expands anti money laundering oversight of digital assets. Russia’s Federal Financial Monitoring Service, known as Rosfinmonitoring, said clients will have to provide their individual taxpayer number, or INN, when opening an account with a Russian digital depository, according to comments from adviser to the agency’s director Vlada Gracheva on Sept. 9. The requirement makes the tax number a compulsory identifier for crypto accounts, even though Russian banks do not generally require an INN when a customer opens an ordinar...