Rosfinmonitoring is preparing a total cleanup of the crypto market: new rules for identification and control
Russia's financial regulator is preparing fundamental changes to the rules governing digital currencies. Vlad Korchagina, an advisor to the head of the agency, announced a series of stringent measures aimed at completely bringing the cryptocurrency market out of the shadows.
Key changes: All new participants in the crypto industry — from brokers to trust managers — will be required to conduct full client identification. This includes disclosing data on beneficiaries and ultimate beneficial owners. To reduce operational burden, exchanges and depositories will be allowed to delegate these functions to commercial banks and professional securities market participants.
Expansion of Mandatory Control
The list of controlled operations will be expanded to include five new types of cryptocurrency transactions. The digital depository will be integrated into the system of information support for transfers. Special attention is given to compliance with the Travel Rule standard: each crypto transaction will now be accompanied by end-to-end information about the sender and recipient. Similar rules are already in effect in the EU and most FATF jurisdictions.
Legal Framework and Timeline
Some requirements are already enshrined in current legislation. In particular, Federal Law No. 115 classifies transactions with digital financial assets worth 1 million rubles or more as operations subject to mandatory control. Banks, brokers, and digital depositories will have the right to block suspicious transfers. Control over foreign trade operations using digital rights is separately stipulated.
The innovations will only take effect after the adoption of the draft law "On Digital Currency and Digital Rights," which has so far only passed its first reading. Korchagina directly linked the initiative to the need to bring Russia's AML system into compliance with FATF recommendations ahead of an upcoming assessment.
Analytical Conclusion
These measures are not just a bureaucratic formality but a signal of preparation for actual law enforcement. FATF has tightened its assessment methodology: countries are now required not only to adopt laws but also to demonstrate effective oversight in practice. If Russia fails to show results, it risks being placed on the "gray list." For the crypto industry, this means the end of the era of anonymous exchanges and uncontrolled P2P transactions. The market is inevitably moving toward full transparency, and those who fail to adapt will be pushed out.