Russia Approves Action Plan of Crypto Regulation – Media
Russian Deputy Prime Minister Dmitry Chernyshenko approved a roadmap (action plan) for regulating the cryptocurrency market for the period until the end of 2022.
According to RBC, the document prepared by the government provides:
- determination of the status of market participants and the procedure for their activities, as well as the appointment of a supervisory authority;
- development of a mechanism for registration and reporting of organizations through which the circulation of virtual assets in the Russian Federation passes;
- the introduction of administrative or criminal liability for crimes using cryptocurrencies, in particular for the illegal circulation of assets and evasion from declaring information about transactions with them;
- creation of a mechanism for verifying the accuracy of the information provided on the ownership of digital currencies;
- obligatory registration of crypto platforms in the Russian Federation by analogy with Internet companies.
The government also intends to give a legal assessment of the use of figureheads in settlements between individuals. In addition, the rules for regulating cryptocurrencies in the Russian Federation will have to comply with FATF standards.
RBC’s source claims that the proposals included in the document were supported by all departments, including the Ministry of Finance, the Prosecutor General’s Office, the Ministry of Economic Development, except for the Central Bank.
Earlier, the Ministry of Finance of the Russian Federation published its own concept of cryptocurrency regulation in the country.