TechFlow news, October 23 — According to Cryptonews, Russia is preparing to regulate domestic cryptocurrency exchanges, with experts expecting the relevant regulations to follow standards set by the Financial Action Task Force (FATF). Dmitry Kirillov, an educator at Moscow Digital School, said this is the next logical step after regulating cryptocurrency mining and cross-border payments.
The Russian Federal Financial Monitoring Service (Rosfinmonitoring) plans to introduce a series of bills requiring crypto exchanges to obtain licenses, collect user wallet information, and retain transaction data for at least five years. These measures align with FATF Recommendation 15, which aims to register and license virtual asset service providers (VASPs).
Digital law expert Yuri Brisov noted that the proposals comply with several key FATF recommendations, including the "Travel Rule." However, Kristina Mkrtchyan, intellectual property advisor at EBR Law Firm, believes that tighter regulation could lead some market participants to exit the industry.
