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Russian citizens and businesses already own cryptocurrencies, which is why a complete crypto ban would be counterproductive, according to a top executive at Rosfinmonitoring, Russia’s financial intelligence agency. At the same time, the regulator supports banning payments with digital coins and their advertising.
The Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring) supports the introduction of strict rules for cryptocurrencies, according to the regulatory concept approved by the government, the agency’s deputy director Herman Neglyad said in an interview with Izvestia. However, the official also indicated to the Russian daily that a complete ban is unlikely, elaborating:
We understand that citizens and legal entities already own digital currency, and in such conditions it would be counterproductive to impose a complete ban on the circulation of cryptocurrencies.
Neglyad explained that Russia’s financial watchdog favors proposals to ban cryptocurrency settlements and their advertising, as envisaged in a bill sent to the lower house of the Russian parliament in November. It also recognizes the need to raise awareness of the nature of cryptocurrency as a high-risk asset.
“We believe that virtual assets or digital currencies should be legally equated with property, which means that they are recognized as the subject of crimes,” the leader also said. He added that Rosfinmonitoring has seen an increasing use of cryptocurrencies both in payments for illegal purposes and the concealment or laundering of criminal proceeds.
The financial intelligence agency has developed a special cryptoanalysis service called “Transparent Blockchain”. It allows authorities to track crypto transfers and identify wallet owners. Russia’s Interior Ministry already uses such a tool, as the head of the Department of Economic Security revealed this week.
Herman Neglyad also emphasized that the activities of platforms offering exchange, transfer and storage services for virtual assets should be controlled through registration, licensing and supervision. He believes these entities should be responsible for identifying customers and real owners, storing data and reporting suspicious transactions to Rosfinmonitoring.
Do you think Russia will adopt strict rules for its crypto market? Share your thoughts on the topic in the comments section below.
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