Rosfinmonitoring is preparing a tough barrier for the cryptocurrency market: new identification rules and the Travel Rule
The Russian financial regulator, Rosfinmonitoring, has announced a set of measures to tighten control over digital currency transactions. This is not just a bureaucratic formality — it is about a fundamental restructuring of the rules of the game for all cryptocurrency market participants, from brokers to trust managers.
The key innovation is mandatory full client identification for new players. Brokers and managers wishing to work with cryptocurrencies and digital rights are now required to disclose not only their clients' data, but also information about beneficiaries and ultimate beneficial owners. This effectively closes the "gray" schemes for anonymous market entry.
To avoid overburdening businesses, 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 approach reduces operational costs but does not weaken control.
At the same time, the list of transactions subject to mandatory control is being expanded — five new categories related to cryptocurrency will be added. The digital depository will be integrated into the system of information support for transfers, allowing real-time tracking of fund movements.
Special attention is given to the implementation of the Travel Rule standard. Now every crypto transaction must be accompanied by end-to-end information about the sender and recipient. This is already the norm in the European Union and most jurisdictions following FATF recommendations. For Russia, this is a step towards synchronization with global AML standards.
The current version of Federal Law No. 115-FZ already classifies transactions with digital financial assets worth 1 million rubles or more as mandatory control operations. Banks, brokers, and digital depositories will have the right to block suspicious transfers. Control over foreign trade operations where digital rights are used as counter-performance is separately stipulated.
A representative of the agency, Vlada Korchagina, directly links these measures to the need to bring the Russian AML system into compliance with FATF recommendations ahead of the upcoming assessment. The goal is to "decriminalize" the cryptocurrency and digital asset market. 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 analytical assessment: This package of measures is not just a reaction to external FATF requirements. It is a signal to the market: the era of the "Wild West" in the Russian crypto industry is ending. Participants who cannot ensure transparency and compliance with the Travel Rule will have to either go into the shadows or leave the legal field. For bona fide players, on the contrary, this is a chance for consolidation and increased trust from traditional financial institutions.