Crypto Depository Will Open Accounts Only with Tax Identification Number

The crypto depository is a participant in the infrastructure that will account for cryptocurrency and digital rights, store such assets, open digital accounts, and accompany operations with them. It will only be able to open accounts for clients if they have a tax identification number (TIN). This was reported by the advisor to the director of Rosfinmonitoring, Vlada Gracheva.

TIN Will Become a Mandatory Client Identifier

According to Vlada Gracheva, the TIN is becoming a new mandatory client identifier for the anti-money laundering system. This approach is necessary to ensure that operations with cryptocurrency are more transparent and can be reliably matched with specific market participants.

To open a digital account in the digital depository, it will be necessary to present the taxpayer's number. While the TIN may not always be required when approaching a bank, in the new infrastructure, it will become a mandatory condition.

The TIN consists of 12 digits. It is assigned to a person once, is valid throughout Russia, and does not change when moving, changing surnames, or updating passport data.

How the New Model Changes the Digital Asset Market

As of September 1, a law "On Digital Currencies and Digital Rights" came into effect in Russia. It introduces comprehensive rules for the circulation of cryptocurrencies and establishes through which infrastructure such operations can occur.

Working with digital assets will be possible through several types of participants:

• exchanges;
• brokers;
• trust managers;
• crypto exchanges;
• digital depositories.

Crypto exchanges are needed for buying and selling cryptocurrencies, while digital depositories are for accounting and storing rights to such assets and accompanying operations with them.

In this model, cryptocurrency ceases to be a completely isolated tool and is integrated into a regulated framework. Currency for cross-border payments thus acquires a separate significance: exporters and importers will be able to use digital assets without limits. For businesses, this makes accepting payments in cryptocurrency primarily a legal and infrastructural issue: operations must go through designated market participants, with client identification and compliance with legal requirements.

For clients, the advantage of such a framework is clearer rules and greater transparency of operations. The downside is more formal requirements: without identification, limits, and intermediary verification, working with digital assets will be more challenging. Security in this model relies not on anonymity but on the connection between accounts, TIN, and transaction control.

Regulation is built around allowing intermediaries into the market, client identification, and subsequent responsibility for operating outside the permitted framework. In this logic, crypto exchanges and digital depositories become not a workaround but part of the financial infrastructure.

Limits for Investors and Transition Period

Restrictions for investors are more conveniently compared across three parameters: category, available assets, and purchase limit.

• Non-qualified investors: the most common digital assets, including Bitcoin, Ethereum, and dollar stablecoins; limit --- 300,000 rubles per year through one intermediary.
• Qualified investors: cryptocurrencies traded on exchange and over-the-counter markets; there is no limit on the purchase amount.

Such a regime may affect investments, liquidity, and the interest of professional participants in the new infrastructure.

After the transition period ends, starting July 1, 2027, it is planned to introduce liability for illegal operations by intermediaries in the cryptocurrency market. According to the logic of regulation, this will be comparable to the liability for illegal banking activities.

Storage and Income from Cryptocurrency

Ownership of digital assets under the new scheme is linked to accounting rules: cryptocurrencies can be held through infrastructure where asset rights are recorded and tied to a specific client. The main risks for the owner include limits for non-qualified investors, requirements for intermediaries, and liability for operations outside the permitted framework.

Earnings from cryptocurrencies can be achieved through price changes of assets, while passive income is usually associated with staking, farming, and lending. In a regulated model, access to such instruments will depend on the investor's status, available assets, and which intermediaries can legally offer services.

The dynamics of individual cryptocurrencies depend on liquidity, investor demand, availability on exchange and over-the-counter markets, and regulatory decisions. Within the described rules for non-qualified investors, Bitcoin, Ethereum, and dollar stablecoins are specifically named as the most common assets.

Banks Prepare to Link Taxpayer Identification Numbers to Accounts

The Bank of Russia previously announced plans to require banks to link clients' taxpayer identification numbers (TIN) to new and already opened accounts. This measure is necessary for the launch of the "Anti-Drop" platform, expected in 2027.

For banks and financial infrastructure, this means not only changing identification procedures but also adjusting internal processes. Software will need to correctly link accounts, TINs, and client operations.

Searching for a platform without verification does not align well with the new model: for a digital depository, TIN becomes mandatory, and after the transition period, illegal activities of intermediaries should lead to liability. The main risk for the client is to fall into the hands of an intermediary outside the permitted framework.

The new requirements affect several groups of market participants:

• banks;
• exchange institutions;
• accounting institutions;
• Moscow Exchange;
• National Settlement Depository.

If these participants are involved in operations with digital assets, clear rules, licenses, and transparent control of operations become key for each.

Against the backdrop of these changes, the regulation of digital assets remains a significant topic beyond Russia. In Uzbekistan, the National Agency for Project Management plays a key role in this area, and the development of the digital economy is on the agenda set by the President of Uzbekistan.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.