Rosfinmonitoring is preparing a new wave of regulation: the crypto market awaits total transparency
The digital asset market in Russia is on the verge of a major transformation. Rosfinmonitoring has announced a package of amendments aimed at tightening control over cryptocurrency circulation. According to official statements from the agency, the key focus is on implementing full identification procedures for all new participants in the crypto industry.
First and foremost, the changes will affect brokers and trust managers planning to work with digital currencies and rights. From now on, they are required not only to identify clients but also to disclose full data on beneficiaries and beneficial owners. This is a direct signal to the market: anonymity in the legal field is coming to an end.
To reduce the administrative burden on small players, the regulator has provided an outsourcing mechanism. Crypto exchanges and depositories will be allowed to delegate identification functions to commercial banks and professional stock market participants. This is a sensible step that will maintain operational flexibility without sacrificing security.
Travel Rule and expansion of the list of controlled operations
One of the most significant innovations will be the full implementation of the Travel Rule standard. Now, every crypto transaction will be accompanied by end-to-end information about the sender and recipient. This requirement has long been in effect in the EU and most FATF jurisdictions, and Russia is forced to align with global standards.
Additionally, five new types of operations related to cryptocurrencies will be added to mandatory control. Let me remind you that the current version of Federal Law No. 115 already classifies transactions with digital financial assets worth 1 million rubles or more as such deals. Now, banks, brokers, and digital depositories will have the right to block suspicious transfers, significantly strengthening their role as guardians of financial security.
Political context and timelines
The need for these measures is directly linked to the upcoming assessment of Russia's AML system by the FATF. As noted by the agency, the main goal is to "decriminalize" the digital asset market. However, behind this lies a harsher reality: if Russia does not demonstrate real enforcement effectiveness, it risks being placed on the FATF "grey list." This is not just a reputational loss but a direct blow to the entire financial system.
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. Do not expect rapid changes — the process will take months, but the direction is clearly set.
My comment: The market, accustomed to grey schemes and anonymity, will face a harsh reality. However, for honest participants, this is a positive signal: legalization and transparency are the only path to institutional investment and long-term stability. Those who fail to adapt risk being left behind.