Fun

Full Ban on Crypto in Russia Would Be Counterproductive, Rosfinmonitoring Says

News Feed - 2022-12-11 03:12:50

Full Ban on Crypto in Russia Would Be Counterproductive, Rosfinmonitoring Says


Russian citizens and businesses already own cryptocurrencies, which is why a complete crypto ban would be counterproductive, according to a top executive of Rosfinmonitoring, Russia’s financial intelligence agency. At the same time, the regulator supports prohibiting payments with digital coins and their advertising. Rosfinmonitoring Backs Government’s Strategy to Strictly Regulate Cryptocurrencies in Russia


The Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring) supports the adoption of strict rules for cryptocurrencies, as per the regulatory concept approved by the government, the agency’s Deputy Director Herman Neglyad said in an interview with Izvestia. However, the official also indicated to the Russian daily that a full ban is unlikely, elaborating: We understand that citizens and legal entities already own digital currency and in such conditions, it would be counterproductive to introduce a complete ban on the circulation of cryptocurrencies.


Neglyad explained that Russia’s financial watchdog favors proposals to prohibit settlements in cryptocurrencies and their advertising, as envisaged in a bill submitted to the lower house of Russian parliament in November. It also recognizes the need to raise awareness about the nature of cryptocurrency as a high-risk asset.


“We believe that virtual assets or digital currencies should be legally equated to property, which entails their recognition as the subject of crimes,” the executive also said. He added that Rosfinmonitoring has been seeing an increasing use of cryptocurrencies both in payments for illegal purposes and concealment or laundering of criminal proceeds.


The financial intelligence agency has been developing a special crypto analysis service called “Transparent Blockchain.” It allows authorities to track crypto transfers and identify wallet owners. Russia’s Interior Ministry is already using such a tool, as the head of its economic security department revealed this week.


Herman Neglyad also emphasized that the activities of platforms providing exchange, transfer, and storage services for virtual assets should be controlled through registration, licensing, and supervision. He believes these entities should be responsible for identifying clients and beneficial owners, storing data and reporting suspicious transactions to Rosfinmonitoring. Tags in this story agency, ban, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, Exchanges, financial intelligence, financial watchdog, prohibition, Regulation, Regulations, regulator, Rosfinmonitoring, rules, Russia, russian, service providers, watchdog


Do you think Russia will adopt strict regulations for its crypto market? Share your thoughts on the subject in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. FTX Co-Founder Sam Bankman-Fried Agrees to Testify Before US Congress REGULATION | 10 hours ago European Union to Put a 10,000-Euro Limit on Cash Payments; Transactions Over €1,000 in Crypto Will Be Scrutinized REGULATION | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleJudge Dismisses Crypto Lawsuit Against Kim Kardashian Next articleAstar Network CEO: Webassembly Smart Contracts Are Going to ‘Pull a Lot of Talent From Web2 to Web3’ Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Venezuela’s State-Run ‘Defi’ Crypto Exchange Goes Live After Maduro’s Anti-Blockade Speech
Venezuela"s State-Run "Defi" Crypto Exchange Goes Live After Maduro"s Anti-Blockade SpeechDecentralized finance (defi) is allegedly coming to Venezuela after a recent decree from Ve
Binance Reveals Incident That Forced It to Freeze BTC Withdrawals
Binance Reveals Incident That Forced It to Freeze BTC Withdrawals In a post-mortem issued shortly after it lifted the freeze on bitcoin withdrawals, Binance has identified the 
Why is Bitcoin price up today?
Yashu Gola12 hours agoWhy is Bitcoin price up today?Bitcoin pared some of its weekly losses a day before Donald Trump’s keynote speech at the Bitcoin 2024 conference.1235 Total views2 Total sharesListen to article 0:00
IBM’s new ‘Lightweight Engine’ could be a game changer for fintech
Tristan Greene2 hours agoIBM’s new ‘Lightweight Engine’ could be a game changer for fintechJP Morgan just rolled out ChatGPT to 60,000 employees, demonstrating the demand for generative AI in the financial services
Nigerian Central Bank: We Are Not Worried About the Naira’s Valuation
Nigerian Central Bank: We Are Not Worried About the Naira"s Valuation The Central Bank of Nigeria (CBN)’s director of monetary policy, Hassan Mahmud, has suggested that the
Bitcoin price breaks above $66K — Has BTC flipped bullish again?
Zoltan Vardai4 hours agoBitcoin price breaks above $66K — Has BTC flipped bullish again?Bitcoin is back above $66,000 just days after the halving, suggesting that the drawdown period for BTC price may be over.1610 Tota
Crypto is ‘top of mind for voters’ in US swing states — Harris Poll
Turner Wright7 hours agoCrypto is ‘top of mind for voters’ in US swing states — Harris PollA majority of respondents with crypto-positive views said they intended to vote in 2024, where tight elections in certain s
Martin Young3 hours agoFTX founder mulled giving Trump $5B not to run for president, says author“That only shocks you if you don’t know Sam,” says author Michael Lewis regarding the revelation in his new book about
Fact Checking Media Tries to Debunk Great Reset Theories, Articles Ignite Heated Discussions Over Reboot Agenda
Fact Checking Media Tries to Debunk Great Reset Theories, Articles Ignite Heated Discussions Over Reboot Agenda On December 22, Twitter trends indicate that thousands of people on
Lawyer for Cryptoqueen’s OneCoin compliance chief asks for time served
Turner Wright6 hours agoLawyer for Cryptoqueen’s OneCoin compliance chief asks for time servedThe attorney cited Irinia Dilkinska’s role as a “loving wife and mother,” claiming time served was an appropriate sent
UK Affirms Commitment to Regulate Stablecoins Following Terra Meltdown
UK Affirms Commitment to Regulate Stablecoins Following Terra Meltdown The British Treasury Department has affirmed its commitment to regulate stablecoins after the collapse of ter
FTX US Launches Zero-Commission Equities Trading Platform
FTX US Launches Zero-Commission Equities Trading Platform FTX US announced on Thursday that the firm has launched an equities trading platform called FTX Stocks which will give U.S