The Federal Security Service (FSB) of Russia is pushing for a measure that would mandate cryptocurrency exchanges to install a surveillance system for investigative bodies (SORM), according to local media outlet The Bell. If implemented, these platforms would have to share user information with the FSB in real-time. The FSB had previously proposed mandating crypto exchanges to provide customer information immediately after the outbreak of the war in Ukraine, but the mandatory installation of SORM was not mentioned at that time. SORM is a system that Russian telecommunication operators, messengers, social media, banks, and other internet service providers are required to install. However, an FSB official stated that although 10 years have passed since the relevant law came into force, the establishment of data storage and wiretapping systems is only about 80% complete, and some in the industry believe this figure is overestimated.
