The Bank of Russia has drafted proposals for implementing the law 'On Digital Currencies and Digital Rights' that would give the Federal Security Service (FSB) permanent remote access to client data held by Russian crypto exchanges and other regulated digital asset market participants.
What the central bank is proposing
Under the proposal, the FSB would connect directly to exchange infrastructure via dedicated technical means, pulling information on users, their transactions and their interactions with platforms — without filing individual requests. That is a structural departure from the current arrangement, where data is handed over on demand. Continuous access replaces case-by-case disclosure.
What it means for the market
Crypto exchanges operating under Russian law would fall under the same supervisory infrastructure already applied to banks and telecoms operators. The model mirrors SORM, the system that has long required communications providers to give security services direct access to traffic. For platforms, that translates into an infrastructure obligation: technical integration with FSB systems would be required. For users, every transaction on a licensed venue becomes visible to the regulator.
Where the proposal stands
The central bank's proposals have not been approved. They are framed as part of a package of measures to implement the digital currencies law, and the final text may change. That said, the inclusion of this provision in an official Bank of Russia document signals the direction of travel. For regulated venues in Russia, operational anonymity — even in principle — is moving toward an end.
