Russia: Strategic developments in Moscow
Russia's Federal Security Service (FSB) may be granted access to customer data of Russian crypto exchanges and exchanges starting in March 2027. This is stated in the Central Bank of Russia's proposals to the bill 'On digital currencies and digital rights', noted by Sarkis Darbinsyan, co-founder of 'Roskomsvoboda'. According to the proposals, the special service will be able to obtain nearly all information about users: names, passport data, INN, phone numbers, bank details, transaction history, crypto wallet addresses, IP addresses, and login times. If the service provides communication with customers, access to it must also be provided. Companies must store collected data on Russian servers. The Association of Banks of Russia suggested providing information only on requests from special services and prohibiting access to private keys, with which cryptocurrency can be managed. However, the Central Bank refused to revise these provisions, citing coordination of the initiative with the FSB. The costs will be borne by the cryptocurrency platforms themselves. They will have to purchase and install SORM-3 equipment, ensure its operation and pay for technical maintenance. As noted by Darbinsyan, for small companies such costs may prove especially heavy since no exceptions for small businesses are provided. Refusal to comply with requirements may end with the company being excluded from the register of participants in the cryptocurrency market and a de facto ban on further legal activity in Russia. If the proposed rules are adopted, new exchanges must notify the FSB about the start of work within 45 days, then coordinate technical measures and install the necessary equipment. Launch is given up to 15 months. SORM-3 is a system allowing Russian special services to collect and store user data, as well as track their actions in communication networks.
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