Rosfinmonitoring is preparing a large-scale cleanup of the crypto market: new rules for Bitcoin transactions
Russia's financial regulator is moving to decisive action to bring order to the digital assets sphere. Rosfinmonitoring has announced a package of stringent measures aimed at strengthening control over cryptocurrency circulation. These innovations will fundamentally change the rules of the game for all market participants.
Key Changes: Full Transparency and Identification
The first and most important innovation is mandatory full client identification for all new crypto market players. Brokers and trust managers working with cryptocurrencies and digital rights will now be required to disclose information not only about their clients, but also about ultimate beneficiaries and beneficial owners. This is a serious step towards eliminating anonymity in the sector.
To avoid overburdening businesses with administrative work, the regulator has provided a flexible mechanism: crypto exchanges and depositories will be able to delegate identification functions to commercial banks and professional securities market participants. This will preserve operational efficiency without sacrificing security.
Expansion of the Control Zone and Implementation of the Travel Rule
The list of operations subject to mandatory control will be expanded by five new categories related to cryptocurrency. Simultaneously, the digital depository is planned to be integrated into a unified system for information support of transfers. This means that every transaction will be under close scrutiny.
Special attention is paid to the implementation of the Travel Rule. Now, each crypto transaction must be accompanied by end-to-end information about the sender and recipient. Russia is following a global trend here — similar standards are already in effect in the European Union and most FATF member countries.
Practical Implications for Market Participants
It is important to note that some requirements are already enshrined in current legislation. For example, transactions with digital financial assets amounting to 1 million rubles or more are already subject to mandatory control. Banks, brokers, and digital depositories will be empowered to block suspicious transfers. Strict control over foreign trade operations using digital rights is separately stipulated.
Vlada Korchagina, Advisor to the Director of Rosfinmonitoring, directly linked these measures to the need to bring Russia's AML/CFT (Anti-Money Laundering and Combating the Financing of Terrorism) system into compliance with FATF recommendations ahead of the upcoming assessment. The goal is to "decriminalize" the cryptocurrency and digital assets market.
When Will They Take Effect?
The innovations will only come into force after the adoption of the bill "On Digital Currency and Digital Rights." At present, the document has only passed its first reading. However, the direction of movement is already clear: Russia intends to create a maximally transparent and controlled environment for crypto operations.
My Expert Analysis: This step is not just a tightening, but a strategic maneuver. Russia is preparing for a serious review by the FATF, and these measures are the key to avoiding being placed on the "grey list." For market participants, this means the end of the era of "grey" schemes. Those who cannot adapt to the new rules of transparency will be forced into the shadows or leave the market. In the long term, this will lead to consolidation and legalization of the sector, but in the short term, it will cause serious turbulence.