FSB to Get Access to Crypto Exchange Data Under New

The Central Bank of Russia has published the results of discussions on cryptocurrency market regulation projects. Participants who submitted comments include Sberbank, VTB, T-Bank, and Alfa-Bank.

FSB to get round-the-clock access to crypto exchange data

Crypto exchanges, brokers, and digital depositories are required to implement the SORM system. This will provide remote access to information for operational search activities.

The requirements mandate the storage of text and voice messages, images, videos, and data on client interactions with services.

The Association of Russian Banks had proposed banning SORM access to private keys and transaction signing tools. The Central Bank rejected this proposal, although it does not imply automatic FSB access to keys.

Strict restrictions for the banking sector

The regulator maintained the limit for cryptocurrency risks at 1% of capital and a risk coefficient of 1250%. Banks requested lowering the latter to no more than 150%, warning that such operations would be economically unviable.

Market participants warned that strict requirements could drive users to foreign exchanges. The Central Bank refused to relax these restrictions.

Banks proposed allowing liquid cryptocurrencies as collateral for loans with a discount of at least 50%. The regulator declined due to risks of asset blocking and seizure.

Timeline for implementing new rules

Requirements for the SORM system are planned to be introduced starting March 1, 2027. Market participants asked to postpone them to 2028, but the Central Bank rejected this proposal.