Russia weighs mandating government surveillance systems at crypto exchanges

Russia’s Federal Security Service is pushing a plan to require cryptocurrency exchanges to install the country’s SORM surveillance system, local outlet The Bell reported. If implemented, the platforms would have to share user information with the FSB in real time. The FSB proposed requiring crypto exchanges to hand over customer data shortly after the war in Ukraine began, according to the report, though a SORM installation mandate was not discussed at the time. SORM is a system that Russian internet service providers, including telecom operators, messengers, social media platforms and banks, are required to install. An FSB official said that even after 10 years since the relevant law took effect, data storage and lawful interception infrastructure is only about 80% complete. Some in the industry, however, said that figure appears overstated.