The Central Bank of Russia is set to gain regulatory authority over AML services, requiring a balance between domestic compliance and an international perspective.

According to Bits.media, Alexei Yakovlev, Head of the Financial Policy Department at Russia’s Ministry of Finance, revealed that the draft cryptocurrency regulation bill currently under revision will introduce new provisions during its second reading, authorizing the Central Bank of Russia to impose compliance requirements on anti-money laundering (AML) review services for cryptocurrency transactions. Under the proposed provisions, AML service platforms must ensure that transactions involving Russian crypto wallets comply with domestic laws and regulations. Additionally, these platforms must assess—“from an international perspective”—how Russian wallets are perceived by foreign services, in order to understand how the global community views Russia’s cryptocurrency ecosystem. Meanwhile, such platforms are required to maintain strict confidentiality regarding the internal operational mechanisms of Russia’s financial infrastructure and must not disclose this information externally. The bill, titled “Digital Currency and Digital Rights,” has already passed its first reading and is now undergoing revisions ahead of its second reading.