Rosfinmonitoring is preparing a revolution: the crypto market in Russia awaits total transparency
Russia's financial regulator is taking a decisive step toward full control over the cryptocurrency market. Major legislative changes are coming soon that will affect all industry participants—from individual traders to large brokers.
Key innovation: mandatory full client identification for all new crypto market players. Brokers, trust managers, and other intermediaries working with digital currencies will be required to disclose not only their clients' data but also information about ultimate beneficiaries and beneficial owners. This marks the end of the era of anonymous transactions in the Russian crypto space.
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 is a sensible solution that will reduce operational costs.
Five new types of operations under scrutiny
The list of operations subject to mandatory control will expand by five items. All of them are directly or indirectly related to cryptocurrency. Additionally, a digital depository will be integrated into the information support system for transfers—creating a unified database for tracking the movement of digital assets.
Special attention should be paid to the implementation of the Travel Rule. Now, every crypto transaction must be accompanied by end-to-end information about the sender and recipient. An analogue of this standard is already successfully operating in the European Union and most FATF jurisdictions. Russia is clearly aiming to synchronize with global norms.
Some requirements are already enshrined in Law No. 115-FZ. Currently, operations with digital financial assets worth 1 million rubles or more fall under mandatory control. Banks, brokers, and digital depositories will have the right to block suspicious transfers. Separate control is stipulated for foreign trade operations where digital rights are used as a means of payment.
Vlada Korchagina, Advisor to the Director of Rosfinmonitoring, directly stated that these measures are aimed at "decriminalizing" the cryptocurrency market. The real reason is preparation for the upcoming FATF assessment. The international organization has shifted its focus from the mere existence of laws to their actual effectiveness. Now, it is not enough for countries to adopt regulations—they must demonstrate strict oversight in practice.
The new rules will come into force after the adoption of the bill "On Digital Currency and Digital Rights." So far, it has only passed the first reading, but the direction of movement is absolutely clear.
My expert commentary: The Russian crypto market is entering an era of total transparency. For bona fide participants, this is more of a plus—legalization will reduce reputational risks and open access to banking services. But for those accustomed to working in the shadows, tough times are coming. I expect that after the law is passed, part of the gray turnover will move to illegal P2P networks or abroad, but this is an inevitable price for integration into the global financial system.