Russia On The Verge Of Passing Crypto Regulation By The Year End

Russia On The Verge Of Passing Crypto Regulation By The Year End

Cryptocurrency Government Regulation
June 26, 2019 Editor's Desk
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Russia’s cryptocurrency bill seems to be slowly moving forward, an official has hinted what may lie ahead once the legislation is passed. Local news source Interfax.ru recently reported that Deputy Finance Minister of the country, Alexei Moiseyev told journalists on Friday that among the topics currently being discussed is to allow the buying and selling
Russia Crypto Regulation

Russia’s cryptocurrency bill seems to be slowly moving forward, an official has hinted what may lie ahead once the legislation is passed.

Local news source Interfax.ru recently reported that Deputy Finance Minister of the country, Alexei Moiseyev told journalists on Friday that among the topics currently being discussed is to allow the buying and selling of cryptocurrencies. Use of cryptocurrencies as payments are not on the table, however.

The country’s crypto community may have to worry as the bill could still see cryptocurrency use banned outright.

Moiseyev said that the finance ministry, the Russian central bank, and the Federal Security Service, the nation’s security agency, had held a meeting to discuss the bill.

“There is a range of possibilities in the bill from prohibition to the possibility of purchase,” Moiseyev explained. “Somewhat similar to foreign currency, it would be possible to buy and sell [cryptocurrencies], but impossible to use them for payments. After a political decision is made on this issue of cryptocurrency, we will have the responsibility.”

The country’s bill on digital financial assets was expected to be taken into consideration at the plenary session of the State Duma on 19th March but was postponed.

According to the report, Anatoly Aksakov, head of the Duma Financial Market Committee, has said that Russia must adopt a bill on cryptocurrency before the end of this year in order to comply with recommendations from the international agency, the Financial Action Task Force (FATF).

Recently the same international watchdog, FATF made an announcement about the new standards that include a controversial requirement that “virtual asset service providers,” including crypto exchanges, pass information related their customers to one another when transferring funds between different firms. Its 37 member nations are not obliged to apply its guidance, but non-complying countries can be blacklisted, which would be harmful financially.

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