BlockBeats News, July 10: The Russian government is planning to authorize the Russian Federal Financial Monitoring Service through a related bill to monitor all cryptocurrency transactions. It will require more detailed information to be collected for cryptocurrency transactions exceeding 60,000 rubles and foreign-related cryptocurrency transactions exceeding 1 million rubles.

Russian digital custodians and foreign financial institutions will need to submit the payer's and receiver's name or company name, wallet address, physical address, date of birth, and tax ID. For transactions below 60,000 rubles, only the name or company name and wallet address are required. The bill also aims to set the bank's digital asset exposure limit at 1% of the banking group's capital and expand the Bank of Russia's authority to restrict or prohibit certain cryptocurrency transactions. The related legislation was originally scheduled to take effect on July 1, but the review was delayed. It may now be implemented on September 1.