According to a high-ranking representative of Russia’s financial authority, discussions on the future of “virtual currency exchangers” should come to an end in 2022. Moscow’s authorities would have to regulate or prohibit such sites in accordance with international norms.
Russia will make a decision on digital currency exchangers next year
In 2022, all considerations on the regulatory status of online exchangers that interact with cryptocurrencies must be completed. According to Tass, Herman Neglyad, the Deputy Director of Russia’s Federal Financial Monitoring Service (Rosfinmonitoring), said this.
The official stated at this year’s Banking Legal Conference that virtual assets, such as cryptocurrencies, are recognisable as a high-risk factor for Russia’s financial space. In light of efforts to manage risks associated with money laundering. As well, terrorist financing under the national risk assessment adopted in 2018. Neglyad also made a point, stating:
“We’ll have a conversation here in the following year, I believe. It should end up with a decision according to FATF guidelines.”
The FATF (Financial Action Task Force) demands the control of ports of entry into the lawful financial system. Such as crypto exchangers, according to the CEO of Rosfinmonitoring. He went on to explain that the group offers the government two options. The legality of crypto platforms through registration as anti-money laundering objects or a prohibition on their operations. Both possibilities are possible to exist under the law. “There are several points of view,” Herman Neglyad said. At the same time, he insisted that the conversation should end.
In the Russian Federation, the law “On Digital Financial Assets,” which went into effect in January, partially controls cryptocurrencies and some related activities. Many critical areas, such as the legal status of cryptocurrency mining, taxation concerns, cryptocurrency trading, and the use of digital coins in payments, require new laws.
The Russian monetary authority remains against bitcoin payments
The country’s monetary authority, the Bank of Russia, remains adamantly opposed to bitcoin payments. Decentralized digital currencies, according to the banking authorities, are “money surrogates” that are illegal in Russia. It’s also collaborating with private banks on the creation and distribution of a digital version of the Russian ruble.
Restrictive government acts have frequently targeted cryptocurrency exchanges. After a court order defined their content as banned, a number of such sites providing Russian citizens with alternatives to swap, cash out, and move bitcoin using various payment methods were threatened with shutdown in October.