Russian Authorities Intend To Set Identification Of Crypto Traders
The Russian State Duma intends to introduce a mandatory authentication for users, willing to conduct transactions with cryptocurrencies, and to consolidate this provision in the draft law “On Digital Financial Assets”, Izvestia informs.
Anatoly Aksakov, the chief of the State Duma Committee for Financial Market, explained that users will be obliged to obtain licenses or “visas” to carry out operations with cryptos. Without this permission, it will not be possible to transfer funds from a bank account within the state to digital assets.
Aksakov claimed that the authorities will monitor cryptocurrencies and check them for compliance with regulatory requirements. Organizations that do not comply with the legal conditions will be considered illegal. The listing of authorized companies will be similar to that of assets in traditional markets.
The amendments bring the bill closer to the standards of anti-money laundering. Aksakov states that transactions made by unauthenticated users will be considered as a signal of fraudulent schemes.
As previously reported, the State Duma approved in the second reading the changes to the draft law “On Amendments to the Civil Code of the Russian Federation”, which include the concept of digital rights, but that of cryptocurrency disappeared.