Rosfinmonitoring is preparing a total inspection of the crypto market: new identification rules and Travel Rule
Russia's financial monitoring regulator announces large-scale changes to the rules for working with digital currencies. According to a statement by the agency's director advisor, Vlada Korchagina, the new requirements will affect all key players in the crypto market — from brokers to trust managers.
Key innovation: full client identification. Now, every new participant wishing to work with cryptocurrencies and digital rights will be required to provide a complete package of personal data, as well as disclose information about beneficiaries and ultimate beneficiaries. This requirement applies to all intermediaries, including crypto exchanges and depositories.
To reduce the operational burden on small and medium-sized businesses, the regulator proposes a flexible mechanism: identification functions can be delegated to commercial banks or professional securities market participants. This will allow crypto services to focus on their core activities without losing control over compliance procedures.
Expansion of mandatory control. Five new types of crypto transactions will be added to the list of operations subject to mandatory monitoring. Additionally, the digital depository is planned to be integrated into a unified system for information support of transfers. This means that all fund movements will be tracked in real time.
Travel Rule: end-to-end information about the sender and recipient. The Russian regulator is introducing a standard already in effect in the European Union and most FATF jurisdictions. Now, each crypto transaction must be accompanied by complete identification data of both parties. Banks, brokers, and depositories will have the right to block suspicious transfers if the information is incomplete or raises doubts.
It is important to note that some requirements are already enshrined in current legislation. According to Federal Law No. 115, transactions with digital financial assets worth 1 million rubles or more are subject to mandatory control. The new bill "On Digital Currency and Digital Rights," which has so far only passed its first reading, is intended to solidify these norms and introduce additional measures.
Why is this happening? Vlada Korchagina directly links the tightening to the upcoming FATF assessment. Russia must demonstrate real effectiveness in law enforcement, not just the existence of laws. It is no longer enough to simply adopt a regulatory framework — strict oversight of the industry and enforcement of the Travel Rule must be shown in practice. Otherwise, the country risks being placed on the FATF "grey list."
My analysis: This is a logical and expected step. The Russian crypto market has long remained in a "grey zone," and now the regulator is bringing order. However, it is important to understand that full identification and the Travel Rule are not so much about fighting crime as they are about creating infrastructure for the legal circulation of digital assets. For honest participants, this is an opportunity to come out of the shadows and operate within the legal framework. For those accustomed to anonymity, it is time to leave or adapt.