Rosfinmonitoring is preparing a total cleanup of the crypto market: new rules for identification and control
Russian financial regulation is entering a new phase. Rosfinmonitoring has announced a set of measures aimed at tightening control over digital currency transactions. These are not just formal amendments — it is a systemic overhaul of the rules of the game for all participants in the crypto industry.
Full Identification: Now Mandatory for Everyone
The key innovation is a requirement for new market players to conduct full client identification, as well as disclose data on beneficiaries and ultimate beneficial owners. Brokers and trust managers planning to work with cryptocurrencies and digital rights are directly affected. To reduce operational burden, exchanges and depositories will be allowed to delegate identification functions to commercial banks and professional securities market participants. This is a kind of compromise: businesses will not be stifled by bureaucracy, but control will remain strict.
Expansion of Mandatory Control and Travel Rule
The list of transactions subject to mandatory control will be expanded with five new types related to cryptocurrency. At the same time, the digital depository will be integrated into the system of information support for transfers. Special attention is given to implementing the Travel Rule: each crypto transaction will be accompanied by end-to-end information about the sender and recipient. This standard is already actively applied in the EU and most FATF jurisdictions. Russia is clearly striving to align with international norms to avoid reputational risks.
Practical Implications and Context
Some requirements are already enshrined in Federal Law No. 115: transactions with digital financial assets worth 1 million rubles or more are classified as mandatory control operations. Banks, brokers, and digital depositories will have the right to block suspicious transfers. Separate provisions regulate foreign trade operations where digital rights are used as counter-performance. According to Rosfinmonitoring representatives, the goal is to "decriminalize" the market and bring the Russian AML system in line with FATF recommendations ahead of an upcoming assessment.
The innovations will take effect after the adoption of the draft law "On Digital Currency and Digital Rights," which has so far passed only its first reading. However, the pace of regulation suggests the wait will not be long.
Analyst's Comment: It is clear that Russia is moving toward strict regulation, similar to the European MiCA. For bona fide market participants, this is rather a plus: transparency will reduce risks and increase trust. But for shadow exchanges and anonymous transfers, tough times are coming. The market is heading for consolidation — small players unprepared for compliance will leave, while large ones will gain a legal framework to operate.