Russia Approves Roadmap for Crypto Regulation

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The Russian Deputy Prime Minister Dmitry Chernyshenko has approved a roadmap for regulating the crypto market for the period until the end of 2022, RBC has reported.

The document prepared by the authorities provides:

  • The determination of the status of market participants and the procedure for their activities, as well as the appointment of a supervisory authority.
  • The development of a mechanism for registration and reporting of organizations through which the circulation of virtual assets in Russia passes.
  • The introduction of administrative or criminal liability for crimes using cryptos, in particular for the illegal circulation of assets and evasion from declaring information about transactions with them.
  • The creation of a mechanism for verifying the accuracy of the information provided on the ownership of digital currencies.
  • The mandatory registration of crypto platforms in Russia by analogy with Internet companies.
  • As part of the roadmap, the government also wants to give a legal assessment of the use of figureheads in settlements between individuals.

The regulation will probably comply with FATF standards.

The proposals included in the document are allegedly supported by all departments, including the Ministry of Finance, the Prosecutor General’s Office, the Ministry of Economic Development, except for the Central Bank.

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