Rosfinmonitoring targets the crypto market: new identification rules and Travel Rule for Russia
Russia's financial regulator is preparing a large-scale tightening of control over the circulation of digital assets. According to official statements, the new requirements will affect all participants in the crypto market, including brokers, trust managers, and crypto exchanges.
Full identification and disclosure of beneficiaries
The main innovation is mandatory full identification of clients for all new players. Companies working with cryptocurrencies and digital rights will be required to disclose data on ultimate beneficiaries and beneficial owners. At the same time, to reduce the administrative burden on small businesses, the possibility of transferring identification functions to commercial banks and professional participants in the securities market is provided.
Expansion of the list of controlled operations
The list of operations subject to mandatory control will be expanded by five new types of transactions directly related to cryptocurrency. In parallel, the digital depository is planned to be integrated into a unified system of information support for transfers. This means that each crypto transaction will be accompanied by end-to-end information about the sender and recipient — by analogy with the Travel Rule requirements already in effect in the EU and most FATF jurisdictions.
Blocking suspicious transfers and control of foreign trade operations
Banks, brokers, and digital depositories will receive the authority to block suspicious cryptocurrency transfers. Special attention is paid to foreign trade operations where digital rights are used as counter-performance. The current version of Federal Law No. 115 already classifies transactions with digital financial assets worth 1 million rubles or more as operations subject to mandatory control.
Reasons and timelines
The need to tighten the rules is directly related to the upcoming assessment of the Russian AML system by the FATF. The measures are aimed at "decriminalizing" the market for cryptocurrencies and digital assets. However, the innovations will only come into force after the adoption of the bill "On Digital Currency and Digital Rights," which has so far passed only its first reading.
Cryptalist Analysis
Russia is consistently moving towards full integration of the crypto market into the legal framework, but with an emphasis on strict control. The introduction of the Travel Rule and the expansion of the list of controlled operations are not just a formality, but a signal to all participants: the shadow economy in cryptocurrencies will be driven out. However, the question remains open: how quickly can businesses adapt to the new requirements, especially given that the law has not yet been adopted and its application practice is only being formed. The market faces a period of uncertainty, which could lead to a temporary outflow of liquidity to more favorable jurisdictions.