Russian cryptocurrency users will need identification

In Russia, in order to carry out operations with cryptocurrencies, it will be necessary to go through a special identification procedure. All cryptoinstruments will also check for compliance legislative regulations.

Anatoly Aksakov, Chairman of the State Duma Financial Market Committee, told «Izvestia», what such additions are planned to be introduced into the bill «About digital financial assets». The innovations are aimed at combating illicit funds trafficking and money laundering.  Without identification, Russians will not be able to use bank accounts to buy virtual assets, and a transfer to an unregistered user can be considered an illegal operation.

Such actions will be considered in accordance with the norms «anti-money laundering» law. Any crypto instruments that do not comply with the law will automatically become illegal.

The procedure and structures responsible for identifying participants have not yet been determined. Checking instruments will resemble a listing on a barge, but it will be much easier and not costly.

Though there will be a legal basis for making crypto payments and converting digital assets to fiat, but virtual currencies will not become legal tender. However, even nominally recognition of cryptocurrencies as an alternative to traditional money will stimulate the Russian market and contribute to the development of the industry..

Recall that the bill on digital rights has already passed the second reading in the State Duma.

Russian cryptocurrency users will need identification

text: Ivan Malichenko, photo: Shutterstock

Similar articles

Related Post