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Kristina Frunze

16 April 2018

Forex

Russian Crypto Bill to Regulate Transactions Over $9,6K

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In the latest news, Russian crypto bill to regulate transactions over $9,6K. The online reports also note that transactions of more than 600,000 rubles are already under the supervision of the Russian banks. This is done in order to prevent terrorism financing and money laundering.

16 April, AtoZ Markets The government of Russia has reportedly developed a review of the draft bill “On Digital Financial Assets.” The review has explained that the exchange of digital currencies for fiat for more than 600,000 rubles (about $9,600) or its foreign equivalent will be subject to the currency exchange regulation.

Russian Crypto Bill to Regulate Transactions Over $9,6K

The local media reports state that the review will still need to be presented to the State Duma. Anatoly Aksakov, the chief of the financial market committee, has shared this information with the public. The online reports also note that transactions of more than 600,000 rubles are already under the supervision of the Russian banks. This is done in order to prevent terrorism financing and money laundering.

The latest version of the draft bill “On Digital Financial Assets” has been submitted to the State Duma on the 20th of March, 2018. The draft lays out the crypto and digital tokens as digital financial assets that be traded on regulated cryptocurrency exchanges.

The draft is also detailing the Know-Your-Customer regulations for the Initial Coin Offering (ICO) market. The bill requires user accounts at cryptocurrency exchanges to be verified for the anti-money laundering and counter-terrorism financing compliance.

Russian Crypto Miners to Leave?

Following on this, cryptocurrency exchanges should be subject to the Article 5 of Federal Law 115-FZ (against AML and CTF). In case they fail to comply with these requirements, these exchanges will lose their license, as per the announcement from Russian Federal Financial Monitoring Service.

The president of the Russian Association of Cryptocurrency and Blockchain (RACIB), Yuri Pripachkin, has stated that the latest draft bill of the law might put Russian Cryptocurrency miners not in the best position. The bill requires crypto transactions to fall under bank and Federal Financial Monitoring Service control.

Moreover, the latest version of the bill draft considers cryptocurrency as property. Therefore, the government also wants to tax digital asset transactions.

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