Rosfinmonitoring is preparing a new wave of regulation: the crypto industry faces total identification
Russia's financial regulator is preparing a major tightening of rules for cryptocurrency market participants. According to the proposed initiatives, new players — brokers, trust managers, and exchange operators — will be required to conduct full client identification, disclose data on beneficiaries and ultimate beneficial owners. This is a serious step toward legalization, but within strict boundaries.
Reducing the burden through banks
To avoid overloading small operators, crypto exchanges and depositories will be allowed to delegate identification functions to commercial banks and professional securities market participants. This is a reasonable compromise: it reduces operational costs while maintaining control at the level of the financial system.
Expansion of mandatory control and the Travel Rule
Five new types of cryptocurrency transactions will fall under mandatory control. The key innovation is the introduction of the Travel Rule, already in effect in the EU and most FATF jurisdictions. Now every crypto transaction will be accompanied by end-to-end information about the sender and recipient. The digital depository is planned to be integrated into the transaction information support system, effectively making all fund movements transparent to the regulator.
Current legislation (Federal Law No. 115) already classifies transactions with digital financial assets worth 1 million rubles or more as subject to mandatory control. Banks, brokers, and 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.
Reason — preparation for the FATF assessment
The need for the initiative is directly linked to bringing Russia's AML system into compliance with FATF recommendations ahead of the upcoming assessment. The goal is to "decriminalize" the cryptocurrency and digital asset market. However, the reality is that countries are no longer required merely to adopt laws — they must demonstrate strict oversight and enforcement of the Travel Rule in practice, otherwise they risk being placed on the "gray list."
The innovations will only take effect after the adoption of the bill "On Digital Currency and Digital Rights," which has so far passed only its first reading. This gives the market a small window of time for adaptation.
My opinion: The initiative is logical in the context of the global trend toward strengthening AML control. However, for the Russian crypto market, which has long existed in a "gray" zone, a sharp transition to total identification could trigger capital flight to uncontrolled jurisdictions or a move into the shadows. The key question is how flexible enforcement will be in practice.