Russia will give FSB access to crypto wallet private keys from 1 March 2027

Russia’s banking association tried to block a rule that would let the FSB access private keys and transaction-signing tools, but the regulator did not take the hint. For crypto exchanges, brokers, and digital custodians, the practical effect is a mandate to build state access into their infrastructure, with compliance deadlines and data-retention obligations that go straight to the operational core.

1. The access path runs through SORM, the Russian system of technical means for operational-search activities. In plain terms, it is the telecom-and-network surveillance framework installed across internet operators’ networks, and it gives state bodies access to data.
2. From 1 March 2027, crypto exchanges, brokers, and digital custodians will be required to provide the FSB with 24/7 remote access to information. The data set includes text and voice messages, images, video, and information about how clients interact with the services.
3. The Association of Banks of Russia asked to prohibit the FSB from gaining access to closed keys and transaction-signing means, but the regulator did not support that initiative. Market participants also asked to push the effective date to 2028; the Central Bank rejected that too.
4. Major financial players took part in the discussion, including Sber, VTB, T-Bank, and Alfa-Bank. They also pressed for softer treatment on crypto risk limits: the Central Bank said the crypto risk cap will be set at 1% of capital and the risk weight at 1250%, while banks wanted no more than 150%.
5. Banks also proposed allowing liquid cryptocurrencies to be used as loan collateral, such as bitcoin or ether, with a 50% discount applied to the collateral value. The regulator rejected that idea as well, citing risks of asset blocking and seizure. The Central Bank also plans to require crypto exchanges and crypto custodians to reject any transfer that lacks sender and recipient data.