Rosfinmonitoring is preparing strict financial control over crypto operations: new rules for brokers and exchangers
The digital currency market in Russia is facing a major tightening of regulations. Rosfinmonitoring has announced a package of amendments that will radically change the rules of the game for all participants in the crypto industry. The new requirements will primarily affect brokers, asset managers, and crypto exchangers — they will have to implement full client identification and disclose all ultimate beneficiaries.
The key innovation is the expansion of the list of controlled operations. In addition to the current threshold of 1 million rubles for transactions with digital financial assets, five more types of cryptocurrency transactions will be added. This means that the regulator intends to monitor not only large transfers but also smaller, systematically recurring operations.
Travel Rule Russian-style: end-to-end transfer control
Special attention is given to the implementation of the Travel Rule. Now, each crypto transaction must be accompanied by complete information about the sender and recipient. A similar standard is already in effect in the European Union and most FATF countries. Russian banks, brokers, and digital depositories will have the right to block suspicious transfers — this is a serious tool for combating illegal turnover.
To reduce the operational burden on small players, it is possible to delegate identification functions to commercial banks and professional securities market participants. This is a reasonable compromise: large banks already have advanced AML systems, and their involvement in monitoring crypto exchanges will significantly increase the effectiveness of oversight.
Political context and implementation timeline
The need for these measures is directly related to the upcoming assessment of the Russian AML system by FATF. As noted by the agency's advisor Vlad Korchagina, the goal is to "decriminalize" the cryptocurrency market. However, the reality is that without demonstrating strict enforcement, the country risks being placed on the FATF "grey list," which would have serious consequences for the entire financial system.
The innovations will only take effect after the adoption of the bill "On Digital Currency and Digital Rights," which has so far only passed its first reading. Nevertheless, the direction of movement is clear: the Russian crypto market is moving toward full transparency and strict control, similar to traditional financial markets.
Expert opinion: Rosfinmonitoring's initiative is not just a bureaucratic formality but part of a global trend toward integrating cryptocurrencies into the traditional financial system. For legitimate market participants, the new rules will serve as an additional filter to weed out illegal business, but for small P2P exchangers and anonymous services, this stage could be the last. The market is heading toward consolidation, and only those ready for full financial transparency will survive.