Russian Crypto Exchange Regulations ‘Will Be FATF-Compliant’
Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...
Moscow is set to start policing Russian crypto exchanges, and will likely look to ensure its regulations are Financial Action Task Force (FATF)-compliant.
Speaking to RBC, Dmitry Kirillov, an educator at the Moscow Digital School, said this would be the next logical step for the government.
He noted that Moscow has already begun regulating crypto mining and the use of crypto as a cross-border payment tool. And “now it is the turn of Russian crypto exchanges,” Kirillov explained.
Kirillov added that the law still has blind spots for peer-to-peer crypto transfers and crypto exchanges.
✅ The Russian Ministry of Finance is considering allowing qualified investors to trade digital currencies on licensed exchanges.#Russia #Cryptohttps://t.co/IaMCBSPTJZ
The expert was speaking after Rosfinmonitoring, the state anti-money laundering body, announced its plans to create “a package of bills” on “licensing” crypto exchanges in Russia.
If Rosfinmonitoring gets its way, all crypto trading platforms in Russia will have to apply to a central body for operating permits.
The agency also wants to force exchanges to “collect information about” crypto wallet owners using their services. Platforms will also have to “store data on all transactions for at least five years.”
Under these proposals, platforms will be obliged to hand over such data to “government agencies, primarily law enforcement agencies.”
Scores of crypto exchanges operate in major Russian cities. However, many of these have been linked to money laundering and fraud.
The Central Bank has
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