Rosfinmonitoring is preparing strict measures: a new AML regime for Russia's cryptocurrency market
The digital currency market in Russia is entering a new era of regulatory pressure. Rosfinmonitoring has announced a large-scale tightening of control over crypto operations, and these changes will affect all key players—from brokers to trust managers. This is not just about formal amendments, but a fundamental restructuring of the anti-money laundering (AML) system.
The main innovation is mandatory full client identification for new market participants. Companies wishing to work with cryptocurrencies and digital rights will be required to disclose not only their clients' data, but also information about beneficiaries and ultimate beneficial owners. To avoid overburdening small crypto exchanges, they will be allowed to delegate these functions to commercial banks and professional securities market participants. This is a reasonable step that will reduce operational costs, but simultaneously strengthen oversight from the traditional financial sector.
Expansion of Mandatory Control and Travel Rule
The list of transactions subject to mandatory control will be expanded with five new types related to cryptocurrencies. Additionally, the digital depository will be integrated into the information support system for transfers. This means that every transaction will now be accompanied by end-to-end information about the sender and recipient—a full implementation of the Travel Rule standard, which has long been in effect in the EU and most FATF jurisdictions.
It is important to note that some requirements are already enshrined in current legislation. For example, under Federal Law No. 115, transactions with digital financial assets worth 1 million rubles or more already fall under 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. This is a signal for those attempting to use cryptocurrencies to bypass sanctions or illegal schemes.
Why is this happening?
The need for this initiative is directly linked to the upcoming FATF assessment. Russia aims to bring its AML system in line with international standards to avoid being placed on the "gray list." As the agency emphasizes, these measures are intended to "decriminalize" the cryptocurrency and digital asset market. But in practice, this means that the shadow economy in the crypto sphere will be pushed out—or driven even deeper underground.
The innovations will only take effect after the adoption of the bill "On Digital Currency and Digital Rights," which has so far passed only its first reading. However, the trend is clear: Russia is moving toward a model where cryptocurrencies are not banned, but strictly controlled. For investors, this is a dual signal: on one hand, legalization; on the other, increased oversight. The market will have to adapt to the new rules of the game, and those unprepared for full transparency risk being left behind.
My analysis: These changes are part of a global trend where regulators are moving from simply passing laws to demonstrating real enforcement effectiveness. For the Russian crypto market, this is a challenge, but also an opportunity for consolidation. Those who can build transparent and compliance-oriented business models will gain a competitive advantage. The rest will have to retreat into the shadows—but for how long?