The Central Bank of Russia launches total de-anonymization of the crypto market: new KYC and Travel Rule regulations
Russia's financial regulator is preparing a sweeping reform that will effectively eliminate anonymity in the digital asset market. The Bank of Russia intends to transfer data from its anti-money laundering database—the "Know Your Customer" platform—to crypto depositories and brokers. This is a domestic analogue of the international KYC standard, but with significantly stricter requirements.
According to information shared by Vlad Korchagina, advisor to the director of Rosfinmonitoring, at a specialized forum, the regulator plans to provide digital asset operators with ready-made compliance ratings for legal entities. These assessments will be generated on the KYC platform side. If a company receives negative information, the depository is obliged to impose strict restrictions against that counterparty.
New Identification Rules: From Individuals to Corporations
All new participants in the crypto market will face a full identification procedure. For corporate clients, this means collecting detailed data about the organization itself, its legal representatives, beneficiaries, and ultimate beneficial owners. Traditional brokers and managers may still collect a limited set of documents, but when attempting to invest in digital currencies, they will have to conduct full verification.
Lawmakers have provided some leniency: depositories and crypto exchanges will be allowed to delegate verification to third-party financial institutions—commercial banks or professional securities market participants. However, if the operator has suspicions regarding the legality of an investor's income, it can refuse to open a digital account with justification.
Five New Types of Control and Implementation of the Travel Rule
Bill No. 1194918-8, passed by the State Duma in its first reading on April 21, establishes five new types of crypto asset transactions subject to strict control. Financial organizations are required to promptly inform Rosfinmonitoring of any transactions amounting to 1 million rubles or more.
Special attention is given to the international Travel Rule standard, developed by the FATF. According to this rule, when transferring cryptocurrency, the intermediary must transmit personal data about the participants along with the payment—as is done in traditional banking. In blockchain networks, where wallet addresses are initially anonymized, this will be a revolutionary change.
From July 1, 2026, individuals and companies will be able to legally purchase cryptocurrency through licensed intermediaries from the Central Bank's registry. For unqualified investors, a limit of 300,000 rubles per year will be set for a limited list of assets—likely Bitcoin, Ethereum, USDT, and USDC. Qualified investors will have access to any cryptocurrencies except anonymous ones. Domestic cryptocurrency settlements will remain prohibited, and non-custodial storage within the Russian regulatory perimeter is not yet provided for.
Cryptalist Expert Opinion: This is undoubtedly Russia's most significant step toward civilized crypto regulation. However, implementing the Travel Rule in a fully anonymized blockchain environment is technically challenging. In practice, this could lead to legitimate players operating exclusively through regulated intermediaries, while the P2P sector and non-custodial wallets go deep underground. The market faces an adaptation period that could be painful for many participants.