Rosfinmonitoring introduces strict AML control for the crypto market: new identification rules and Travel Rule
The Russian regulator is preparing a drastic tightening of rules for working with digital currencies. According to a statement by Vlad Korchagina, advisor to the director of Rosfinmonitoring, the new requirements are aimed at total transparency of crypto operations. The key change is mandatory full identification of clients for all new market participants, including brokers and trust managers working with cryptocurrencies and digital rights. They will have to disclose data on beneficiaries and beneficial owners.
To reduce the administrative burden, crypto exchanges and depositories will be allowed to delegate identification functions to commercial banks and professional securities market participants. However, this is not a relaxation, but rather an optimization of the process: control will remain strict, it will simply be carried out by more experienced players.
The list of operations subject to mandatory control will be expanded by five new categories related to cryptocurrencies. At the same time, the digital depository is planned to be integrated into the system of information support for transfers. This means that each crypto transaction will be accompanied by end-to-end information about the sender and recipient within the framework of the Travel Rule standard. Similar requirements are already in effect in the EU and most FATF jurisdictions.
Part of the rules is already enshrined in law. The current version of Federal Law 115 classifies transactions with digital financial assets worth 1 million rubles or more as operations subject to mandatory control. Banks, brokers, and digital depositories will receive the right to block suspicious cryptocurrency transfers. Control over foreign trade operations, where digital rights are used as counter-performance, is separately stipulated.
Korchagina directly linked these measures to the need to bring the Russian AML system into compliance with FATF recommendations ahead of the upcoming assessment. The goal is to "decriminalize" the market for cryptocurrencies and digital assets. The innovations will come into force after the adoption of the bill "On Digital Currency and Digital Rights," which has so far only passed its first reading.
My analysis: These steps are a logical continuation of the global trend. After the update of the FATF Methodology for assessment, the focus has shifted to the real effectiveness of law enforcement. Now it is not enough for countries to simply adopt laws — they must demonstrate in practice strict oversight of the crypto industry and enforcement of the Travel Rule to avoid being placed on the "grey list." For the Russian crypto market, this means the end of the era of anonymity and the beginning of a new phase of regulated, but safer, circulation of digital assets.