Rosfinmonitoring is preparing changes to the regulation of digital currency circulation. This was reported by the agency's director's advisor, Vlada Korchagina.
New participants in the crypto market will be required to conduct full client identification and disclose information about beneficiaries and interested parties. This requirement will affect brokers and trust managers intending to work with cryptocurrency and digital rights.
To reduce the operational burden on crypto exchanges and depositories, they will be allowed to delegate identification functions to commercial banks and professional securities market participants.
Another change involves expanding mandatory control. Five new types of cryptocurrency-related operations will be added to this oversight. Additionally, a digital depository is planned to be integrated into the information support system for transfers.
In compliance with the Travel Rule, crypto transactions will be accompanied by comprehensive information about the sender and recipient. A similar standard is already in effect in the EU and most FATF jurisdictions.
Some requirements are already enshrined in legislation. The current version of Federal Law No. 115 classifies transactions involving digital financial assets worth over 1 million rubles as mandatory control operations. Banks, brokers, and digital depositories will have the ability to block suspicious cryptocurrency transfers. There is also specific oversight for foreign trade operations where digital rights are used as counter-provision.
Korchagina linked the necessity of this initiative to aligning Russia's AML system with FATF recommendations ahead of an upcoming evaluation. According to her, the measures aim to "decriminalize" the cryptocurrency and digital asset market.
The new regulations will take effect after the adoption of the bill "On Digital Currency and Digital Rights." At this stage, it has only passed its first reading.
It is worth noting that under the updated FATF assessment methodology, which is already in effect, the focus of global reviews has shifted to the actual effectiveness of law enforcement.
Now, countries are not enough to simply adopt laws for the crypto market—they must demonstrate strict oversight of the industry and compliance with the Travel Rule to avoid being placed on the "grey list."