According to TechFlow, on October 23, Cryptonews reported that Russia is preparing to regulate domestic cryptocurrency exchanges, and experts expect that relevant regulations will follow the Financial Action Task Force (FATF) standards. Dmitry Kirillov, an educator at the Moscow Digital School, said that this is the next reasonable step after regulating cryptocurrency mining and cross-border payments.

Russia’s financial regulator Rosfinmonitoring plans to introduce a series of bills that will require crypto exchanges to obtain licenses, collect user wallet information, and store transaction data for at least five years. These measures are in line with FATF Recommendation 15, which aims to register and license virtual asset service providers (VASPs).

Digital law expert Yuri Brisov noted that the proposal is in line with several key FATF recommendations, including the “travel rule.” However, Kristina Mkrtchyan, intellectual property counsel at EBR Law Firm, believes that increased regulation could lead to the exit of some market participants.