The Bank of Russia is launching a total deanonymization of the crypto market: new KYC and Travel Rule regulations.
The Russian regulator, represented by the Bank of Russia, is preparing for a drastic tightening of control over the movement of digital assets. The key tool is the transfer of data from the anti-money laundering "Know Your Customer" database (an analogue of international KYC) directly to crypto market operators. This means the era of anonymity for investors in Russia is coming to an end.
The platform will generate a compliance rating for each legal entity. If the assessment is negative, depositories and brokers will be required to impose strict restrictions against such a counterparty. Essentially, the market will receive a centralized "blacklist" from the Central Bank.
Full Identification: From Corporations to Retail Investors
The new rules will require all market participants to conduct deep identification. For corporate clients, this means collecting data on the organization, legal representatives, beneficiaries, and ultimate beneficial owners. Traditional brokers and management companies can currently collect a limited set of documents, but as soon as a client wants to invest in cryptocurrencies, the procedure will become full.
Importantly, lawmakers have provided a mechanism for delegating verification. Depositories and exchanges will be able to transfer this function to third-party financial institutions, such as commercial banks or professional securities market participants. This will simplify adaptation but will not reduce the level of control.
Five New Types of Control and the Implementation of Travel Rule
Draft Law No. 1194918-8, already adopted by the State Duma in the first reading, introduces five new types of crypto asset transactions subject to strict control. Financial organizations will be required to promptly notify Rosfinmonitoring of any transactions amounting to 1 million rubles or more.
Special attention should be paid to the implementation of the international Travel Rule standard, developed by the FATF. Now, when transferring digital currency or digital rights, the intermediary is obliged to transmit the personal data of the sender and recipient along with the transaction. In the traditional banking sector, this happens automatically, but in blockchain networks, where wallet addresses are anonymous, this is a real revolution.
What Does This Mean for the Market?
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, a limit of 300 thousand 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.
My analysis: This is not just regulation — it is a systemic attempt by the state to take full control over the circulation of digital assets. The Travel Rule in its Russian implementation effectively destroys transaction confidentiality within the country. The market faces strict filtering: moving into the gray zone will become risky, and legal entry will be strictly regulated. For the industry, this is painful but inevitable.