The Bank of Russia is launching a total deanonymization of the crypto market: new KYC and Travel Rule regulations.
The Russian crypto market is facing a tectonic shift in regulation. The Central Bank of Russia has announced a large-scale integration of its anti-money laundering database with the "Know Your Customer" (KYC) platform. This means that all digital asset operators — from depositories to brokers — will face fundamentally new, stringent requirements for user identification and transaction monitoring.
In essence, this involves implementing a domestic analogue of international KYC standards, but with a unique Russian twist. The key element is the mandatory application of the Travel Rule, developed by the FATF. Now, with every transfer of digital currencies, the intermediary is obliged to transmit to the recipient not only the amount but also the full identification data of the sender and the ultimate beneficiary. In traditional finance, this happens automatically, but in blockchain, where wallets are anonymous, this is a real revolution.
Five New Types of Control and Mandatory Verification
The new bill, already passed by the State Duma in its first reading on April 21, introduces five new types of strictly controlled crypto asset transactions. All financial organizations will be required to notify Rosfinmonitoring in real time of any transactions exceeding 1 million rubles. Moreover, for corporate clients, the collection of detailed data is envisaged: about the organization, its legal representatives, beneficiaries, and ultimate beneficial owners.
To ease adaptation, some relaxations are provided: depositories and exchanges will be able to delegate verification to third-party financial institutions, such as commercial banks. However, if the operator has suspicions regarding the legality of an investor's income, it will have the right to refuse to open a digital account with justification.
Limits and Available Assets for Non-Qualified Investors
From July 1, 2026 (if the law is adopted), citizens and companies will be able to legally buy cryptocurrency only through licensed intermediaries from the Central Bank's register. For non-qualified investors, an annual limit of 300,000 rubles through an intermediary will be set for a limited list of assets. It is expected that this list will include Bitcoin, Ethereum, USDT, and USDC. Qualified investors will have access to any cryptocurrencies, except anonymous ones. At the same time, settlements in cryptocurrency within the country will remain prohibited, and non-custodial storage within the Russian perimeter is not yet regulated.
My analysis: This step is a logical continuation of the global trend towards regulating the crypto market, but with a pronounced Russian emphasis. In fact, the authorities are creating a fully controlled infrastructure where anonymity becomes impossible. For legitimate participants, this means transparency and protection, but for those who value privacy, it is a serious limitation. The market faces a period of adaptation, and the key issue will be the effectiveness of the Travel Rule in the context of public blockchains.