The Bank of Russia plans to investigate cross-border crypto transfers by residents, focusing on banking channels to assess the volume of crypto-related operations.
Russia’s central bank will conduct an investigation into residents’ cross-border crypto transactions in the 4th and 1st quarters of 2025, according to its latest surveillance program, with the aim of identifying and measuring operations involving the buying and selling of cryptocurrencies.
The investigation will focus on key factors such as transaction forms, transfer instructions, counterparties and banks facilitating these transfers, the central bank said in a statement. The study will cover major financial institutions such as Raiffeisenbank, Citibank, MTS Bank, Unistream, as well as various regional banks such as Asia-Pacific Bank, Ak Bars Bank and Avangard.
The regulator’s statistics department will analyze the volume and value of crypto-related cross-border transfers to assess their impact on the wider financial system.
The move comes as crypto adoption continues to rise in Russia. According to recent research, about 20% of Russians use cryptocurrency, while more than 65% are aware of it but do not have detailed information. Despite growing awareness, the majority of Russians do not currently own any digital tokens; Only a small percentage use crypto for savings or investment purposes.
In June, a research report from fintech company Triple A showed that about 6% of Russians owned cryptocurrency; This equates to over 9 million people; This shows that more than 12% of the working population has acquired cryptocurrency.
In April 2022, Russian prime minister Mikhail Mishustin announced in the State Duma that more than 10 million citizens own crypto wallets that could contain more than 10 trillion rubles (exceeding $107 billion at current rates). However, he did not disclose the source or methodology behind this estimate.