The Bank of Russia is launching total deanonymization of the crypto market: what will change for investors
The Russian regulator is preparing a large-scale reform that will effectively destroy anonymity in the digital asset market. The Bank of Russia intends to transfer data from its anti-money laundering database — the "Know Your Customer" (KYC) platform — to crypto infrastructure operators. This is a domestic analogue of the international KYC standard, but with much stricter requirements.
The key innovation is that digital depositories and brokers will be required to conduct in-depth identification of all users. Moreover, they will have to accompany each transaction according to the travel rule — transmitting data about the sender and recipient along with the transfer itself, as has long been done in traditional banking.
Five new types of control and limits for investors
Bill No. 1194918-8, already passed by the State Duma in the first reading on April 21, introduces five new types of crypto asset transactions subject to strict control. Financial organizations are obliged to promptly inform Rosfinmonitoring of any transactions amounting to 1 million rubles or more.
For unqualified investors, an annual limit of 300,000 rubles is set through licensed intermediaries from the Central Bank's register. The limited list of assets will likely include Bitcoin, Ethereum, USDT, and USDC. Qualified investors will gain access to any cryptocurrencies except anonymous ones.
Special attention is paid to corporate clients — for them, full data collection on the organization, legal representatives, beneficiaries, and ultimate beneficial owners will be required. Traditional brokers and managers may still collect a reduced package, but when attempting to invest in digital currencies, they will have to conduct full identification.
Travel rule: the end of anonymous transfers
The FATF standard, being implemented into Russian legislation, requires intermediaries to transmit personal data of both parties along with the cryptocurrency transfer. If previously wallet addresses on the blockchain were completely anonymized, now each transfer will be accompanied by information about the sender and recipient.
To simplify adaptation, operators will be allowed to delegate verification to third-party financial institutions — commercial banks or professional participants in the securities market. However, if the operator has suspicions regarding the legality of the investor's income, the company may reasonably refuse to open a digital account.
From July 1, 2026, if the law is adopted, citizens and companies will be able to legally purchase cryptocurrency only through licensed intermediaries. Internal settlements in cryptocurrency will remain prohibited, and non-custodial storage within the Russian regulatory perimeter is not yet provided for.
Expert opinion: The introduction of the travel rule and full identification is an inevitable stage in the evolution of the crypto market towards institutional recognition. However, for retail investors, this means the loss of the main advantage of cryptocurrencies — anonymity. The market is becoming transparent, but less free.