Rosfinmonitoring is preparing changes to the regulation of digital currency circulation, as reported by Vada Korchagina, an advisor to the agency’s director. Read more.
New crypto market participants will be required to conduct full client identification and disclose information about beneficiaries and beneficial owners. This requirement will affect brokers and trustees planning to work with cryptocurrency and digital rights.
To reduce operational load, crypto exchanges and depositories will be allowed to delegate identification functions to commercial banks and professional securities market participants.
Another change is the expansion of mandatory control, adding five new types of operations related to cryptocurrency. Additionally, a digital depository is planned to be integrated into the information support system for transfers.
Under the Travel Rule, crypto transactions will include comprehensive information about the sender and recipient. A similar standard is already in effect in the EU and most FATF jurisdictions.
Some of these requirements are already enshrined in legislation. The current version of Federal Law 115 subjects transactions with digital financial assets worth over 1 million rubles to mandatory control. Banks, brokers, and digital depositories will have the ability to block suspicious cryptocurrency transfers. Control over foreign trade operations using digital rights as counter-provision is also specified.
Korchagina linked the need for these initiatives 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 come into effect following the adoption of the bill “On Digital Currency and Digital Rights,” which has only passed its first reading at this stage.
Earlier, under the updated FATF Assessment Methodology, which is already in force, the focus of global inspections has shifted to the actual effectiveness of law enforcement.
Countries are now required not only to enact laws for the crypto market but also to demonstrate strict industry oversight and implementation of the Travel Rule to avoid being placed on the “grey list.”
