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Russia To Regulate Cryptocurrency System

09:37 30/10/2018

The countries that are members of the Financial Action Task Force (FATF) will have to follow its recommendations to control cryptocurrencies and digital exchanges, newspaper Izvestia reports.


Pavel Livadny, the deputy head of the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring), stated that crypto transaction control will be introduced on the territory of the Russian Federation. Each type of digital transaction will have its seeding value, starting from which the operation will be regulated and monitored. According to the official, it is “600 thousand rubles for operations with fiat currencies” (about $9,120).


Earlier this fall, the FATF introduced some changes to the guidance on working with digital currencies. According to the new rules, crypto platforms should take all necessary measures to combat money laundering and terrorism financing. Providers of cryptocurrency services are mandatory to be registered for monitoring of their compliance with the requirements.


Livadny stressed that according to the new requirements, digital currencies can be used in crypto exchanges operations, investments, and payment systems. At the same time, crypto assets cannot be considered the absolute digital analogue of securities and fiat.


In accordance with the recommendations of the FATF, the authorities should regulate this sphere on the territory of their country, controlling the storage, exchange, and release of crypto assets.


Currently, there is no legal framework for the crypto sphere in Russia, and the draft law on the control of this industry is still under consideration in the Parliament of the Russian Federation.


According to the deputy head, the new rules for regulating the crypto sphere will be approved in the near future.


As previously reported, the State Duma deputy spoke of the bitcoin disappearance from the financial market.

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