Rosfinmonitoring is preparing tough measures: new law to hit the anonymity of crypto exchangers
The Russian digital currency market is on the verge of radical changes. Rosfinmonitoring has announced a package of amendments that will effectively cut off the oxygen supply to illegal crypto operations. At the heart of the new regulatory framework is complete transaction transparency and strict participant identification.
Key innovation: all professional players—brokers, trust managers, exchange point operators—will be required to conduct full client identification. This is not just about passport data, but about disclosing ultimate beneficiaries and beneficial owners. This is a direct blow to anonymous services that have been operating in the gray zone.
To avoid overburdening small businesses, the regulator has provided a flexible mechanism: crypto exchanges and depositories will be able to delegate identification functions to commercial banks and professional securities market participants. This will reduce operational costs but will not weaken control.
Travel Rule Russian-style: every transaction under the microscope
One of the most significant changes is the expansion of the list of controlled operations. Five new types of crypto transactions are being added, which will automatically fall under monitoring. Additionally, the digital depository will be integrated into the transaction information support system. This means that now each operation will be accompanied by end-to-end data on the sender and recipient—an analogue of the Travel Rule standard already in effect in the EU and recommended by the FATF.
Let me remind you that the current version of Law 115-FZ already subjects transactions with digital financial assets worth 1 million rubles or more to mandatory control. Now, banks, brokers, and depositories will receive the right to block suspicious cryptocurrency transfers. Control over foreign trade operations, where digital rights are used as counter-performance, is separately stipulated.
Why is this happening right now?
Rosfinmonitoring Advisor Vlad Korchagin directly links the tightening to the upcoming FATF assessment. Russia must prove that its AML system works not on paper but in reality. The FATF methodology has become stricter: now it is not enough for countries to simply pass laws—they need to demonstrate effective supervision and enforcement of the Travel Rule. Otherwise, the "gray list" with all the ensuing consequences for the financial system.
The innovations will come into force after the adoption of the bill "On Digital Currency and Digital Rights," which has so far only passed its first reading. But the direction is clear: the Russian crypto market is moving towards full transparency, and anonymous transactions are becoming a thing of the past.
My analysis: These measures are not just a formality. They create a precedent: Russia is integrating cryptocurrencies into the traditional financial infrastructure with strict control. For bona fide participants, this means more legal opportunities, but for the shadow exchange, it is the end of an era. The market is facing consolidation, and only those ready for full transparency will survive.