The Russian government has developed a road map for regulating crypto instead of banning it. baidakova reports.
The road map, signed by the deputy chairman of the government Dmitry Chernyshenko, according to RBK, suggests introducing know your customer and anti-money laundering rules for cryptocurrency platforms, defining their regulatory status, mandating a supervisory body and establishing penalties for those who don't play by the rules.
The plan was drafted by a working group comprising several government agencies, including the Ministry of Finance, Ministry of Economic Development, General Prosecutor's Office, Rosfinmonitoring – the federal body responsible for combating money laundering and terrorist financing, Federal Tax Service, Ministry of Digital Development, Bank of Russia, Federal Security Service and Ministry of Interior.
The sole dissenting voice came from the Bank of Russia, which insists on a ban, according to an unidentified source cited by RBK. The timetable says that by May the Ministry of Finance should have designed a system of compliance control for peer-to-peer platforms. By November, anti-money laundering should be adopted. By December, rules for registration and reporting by crypto platforms should be created.
Failure to declare cryptocurrency transactions should be subject to administrative and criminal punishment, according to the document. There is also a plan to introduce a law for Russians to report their cryptocurrencies holdings. A method for defining crypto assets' prices also needs to be developed.China banned cryptoThe Ministry of Finance had earlier put forward its own proposal for regulating crypto in the country.
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