According to the Russian news agency RBK, the Russian government plans to regulate crypto assets by the end of the year.
The Russian government and other official institutions have agreed on the principles for the regulation of crypto assets. According to RBK, the country plans to regulate crypto assets by the end of the year, according to the roadmap laid out. This move contradicts the stance of the Central Bank of Russia, which proposes a complete ban on crypto assets.
The roadmap was signed by the vice-president of the government, Dmitry Chernyshenko. The plan includes introducing Know Your Customer (KYC) and Anti-Money Laundering (AML) rules for crypto-asset trading platforms, defining their regulatory status, appointing a supervisory body and penalizing those who do not play by the rules.
What’s on the Roadmap?
According to the roadmap, by May, the Ministry of Finance must design a compliance audit system for peer-to-peer (P2P) platforms. It is stated that by November, anti-money laundering standards set by the global FATF should be adopted; Until December, there are statements that registration and reporting rules should be established by crypto asset platforms.
In addition, administrative and criminal sanctions are planned in case of not declaring crypto-asset transactions.
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