Starting from July 1, Russia will implement a series of measures aimed at increasing the transparency of its payment system and combating fraud and drop services.
One of the key changes is the mandatory indication of the Individual Identification Number (IIN) for transfers between individuals and legal entities. Banks will automatically input the recipient's data when entering payment details, and all this information will be accessible to the Federal Tax Service (FTS).
Additionally, criminal liability will be imposed for illegal cryptocurrency exchanges. As part of a comprehensive regulation of digital assets, the Central Bank of Russia (CBR) has proposed allowing only licensed organizations to conduct crypto exchanges. Even within these organizations, cryptocurrencies will not be exchangeable for cash, ensuring that the FTS can monitor all operations in a cashless environment.
Individuals and companies will also be required to report to the tax authorities about the opening or closing of foreign crypto wallets within one month of the event.
The CBR has already reported on its successes in combating drop services last year, noting that the average lifespan of a drop card has decreased from one month to just one day, and the average transaction volume has dropped from 1-3 million to 100-150 thousand. The implementation of these summer measures is expected to minimize the number of drops significantly.