Rosfinmonitoring is preparing a total cleanup of the crypto market: new identification rules and the Travel Rule
The Russian digital currency market is on the verge of radical changes. Rosfinmonitoring has announced a package of stringent measures aimed at strengthening control over the circulation of crypto assets. The initiative, announced by the agency's director advisor Vlada Korchagina, involves the introduction of full-fledged identification for all new market participants.
New Requirements for Participants
The key innovation is the mandatory full disclosure of data on clients, beneficiaries, and ultimate beneficial owners for brokers and trustees working with cryptocurrencies and digital rights. This means that anonymity, which has long been a hallmark of the market, is becoming a thing of the past. To reduce the administrative burden on crypto exchanges and depositories, they will be allowed to delegate identification functions to commercial banks and professional participants of the stock market.
Expansion of Mandatory Control
The list of transactions subject to mandatory control will be expanded with five new items directly related to cryptocurrency. Additionally, the digital depository will be integrated into the system of information support for transfers. This creates a single transparent chain of fund movement.
Special attention deserves the implementation of the Travel Rule standard. Now, each crypto transaction will be accompanied by end-to-end information about the sender and recipient. Similar practices are already in place in the EU and most FATF jurisdictions, and Russia seeks to bring its AML system in line with these international standards.
Practical Implications
The current version of Federal Law No. 115 already classifies transactions with digital financial assets worth 1 million rubles or more as subject to mandatory control. The new rules will give banks, brokers, and digital depositories the authority to block suspicious cryptocurrency transfers. Control over foreign trade operations, where digital rights are used as counter-performance, is separately stipulated.
Korchagina directly linked these measures to the upcoming FATF assessment, emphasizing that the goal is to "decriminalize" the cryptocurrency market. However, in practice, this means a transition from declarative bans to actual law enforcement. The innovations will take effect after the adoption of the bill "On Digital Currency and Digital Rights," which has so far only passed its first reading.
Expert Commentary: These steps are not just a bureaucratic formality. Russia is preparing for a serious inspection by the FATF, and failure risks being placed on the "gray list." For market participants, this is a signal: the era of shadow exchanges and anonymous transfers in Russia is ending. Businesses that want to remain legal will have to invest in compliance and KYC procedures, otherwise — blockages and criminal risks.