Russia's Central Bank imposes new AML rules requiring crypto custodians to reject transfers lacking participant information.
Regulation & Gov ·
Russia's Central Bank has published draft regulations establishing anti-money laundering controls specifically for cryptocurrency custodians, a new category of market participant. The rules require custodians to reject cryptocurrency transfers that lack information identifying the parties involved in the transaction. The draft regulation covers compliance requirements for digital depositaries and other crypto market entities operating under anti-money laundering, counter-terrorism financing, and counter-extremism standards.
The Central Bank's framework addresses how both existing financial market participants—brokers, asset managers, and operators of systems for issuing digital financial assets—and new entrants like digital depositaries must implement internal controls. The regulation clarifies obligations for custodians specifically, though the document does not yet detail how crypto exchanges themselves must operate under these same standards.
The measure remains a draft pending public discussion. It is unclear when the rules will take effect, what specific penalties custodians face for non-compliance, or how the framework will be enforced across Russia's nascent crypto custody infrastructure.