Rosfinmonitoring is preparing a new wave of control over cryptocurrency transactions: what will change for the market
The Russian financial regulator, Rosfinmonitoring, has announced sweeping changes to the rules governing the circulation of digital currencies. This is not just another bureaucratic initiative — it is a systemic step towards integrating the crypto market into the strict framework of financial monitoring, similar to those already in place in the traditional banking sector.
The key innovation: all new participants in the crypto market, including brokers and trust managers planning to work with digital assets and rights, will be required to conduct full client identification. This involves not only basic passport data but also the disclosure of information about beneficiaries and ultimate beneficial owners. To reduce the operational burden, such companies will be allowed to delegate identification functions to commercial banks and professional securities market participants. This is a pragmatic move: it relieves excessive pressure on small crypto services but does not weaken overall control.
Another significant block is the expansion of the list of transactions subject to mandatory control. Five new types of transactions related to cryptocurrency will be added to the list. At the same time, the digital depository is planned to be integrated into the system of information support for transfers. This means the state will see the full picture of fund movements, rather than just recording individual transactions.
Special attention should be paid to the implementation of the Travel Rule standard. Now, each cryptocurrency transaction must be accompanied by end-to-end information about the sender and recipient. Essentially, this is the transfer of rules already in effect in the European Union and most FATF jurisdictions to Russian soil. Some requirements are already enshrined in Federal Law No. 115: transactions with digital financial assets worth 1 million rubles or more are classified as subject to mandatory control, and banks, brokers, and depositories will have the right to block suspicious transfers. Separate control is prescribed for foreign trade operations where digital rights are used as counter-performance.
Advisor to the Director of the agency, Vlada Korchagina, directly linked the need for these measures to the upcoming FATF assessment. The Russian AML system must be brought into compliance with international standards, otherwise the country risks being placed on the "grey list." The innovations will come into force after the adoption of the draft law "On Digital Currency and Digital Rights," which has so far only passed its first reading.
My expert assessment: The cryptocurrency market in Russia is entering a phase of total legalization through control. For bona fide participants, this will create clear rules of the game, but for the grey sector — exchangers without KYC and anonymous P2P platforms — hard times are coming. In effect, the state wants to "decriminalize" the market, but the price for this is full transparency. The only question is how quickly and painlessly the industry can adapt to the new realities.