Tightening of cryptocurrency control in Russia: new identification requirements and Travel Rule
Russia's financial monitoring system is preparing for a significant tightening of cryptocurrency market regulation. According to official sources, the agency is developing a package of amendments aimed at increasing the transparency of digital asset transactions. The key goal is to bring national legislation in line with international FATF standards, especially ahead of the upcoming global assessment.
New identification requirements
The central element of the innovations will be mandatory full client identification for all new participants in the crypto market. Brokers, trust managers, and other professional intermediaries working with cryptocurrencies and digital rights will be required to disclose data not only about their clients but also about ultimate 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.
Expansion of mandatory control and the Travel Rule
In addition to identification, the list of transactions subject to mandatory control is planned to be expanded. Cryptocurrency transactions will now be accompanied by end-to-end information about the sender and recipient — the so-called "Travel Rule." This standard, already actively applied in EU countries and most FATF jurisdictions, obliges crypto services to transmit identification data of the parties to the transfer. Furthermore, banks, brokers, and digital depositories will be granted the right to block suspicious cryptocurrency transfers, and control will also be strengthened for foreign trade transactions where digital rights are used as consideration.
Practical implementation and consequences
Some of these requirements are already enshrined in current legislation (Federal Law No. 115-FZ), which classifies transactions with digital financial assets worth 1 million rubles or more as operations subject to mandatory control. However, the new amendments significantly expand the scope of application. The innovations will only come into force after the adoption of the draft law "On Digital Currency and Digital Rights," which has so far passed only its first reading.
Analytical commentary: Such a tightening of rules is not merely a bureaucratic measure but a signal that the Russian cryptocurrency market is finally moving from the "gray zone" to a regime of strict oversight. In conditions where the FATF assesses not only the existence of laws but also the real effectiveness of their application, the regulator has no choice but to demonstrate stringent control. For market participants, this means that anonymous transactions and shadow exchanges will soon become practically impossible, inevitably leading to market consolidation and the exit of small illegal players.