Russia’s Financial Watchdog to Oversee the Cryptocurrency Industry
Russia’s Federal Financial Tracking Service has shown it is going to govern cryptocurrency-related transactions in the nation, with a senior official stating that the agency may also oversee the wider cryptocurrency business, according to recommendations issued by the Financial Action Task Force (FATF).
Rosfinmonitoring, since the regulator is famous in Russia, intends to enroll, license and track cryptocurrency exchanges, crowdfunding platforms and providers of wallet solutions for electronic resources, Russian media outlets have reported. Pavel Livadny, the bureau’s deputy director, stated that states participating in the FATF are anticipated to amend their laws to present licensing and registration regimes for businesses which trade cryptocurrencies and establish initial coin offerings (ICOs).
The intergovernmental organization, initially tasked with creating measures to reduce money laundering, recently upgraded its report and recommendations to include”virtual resources ” The FATF employs the expression to refer to”digital representations of worth which may be traded or moved and may be used for investment or payment purposes, such as digital representations of worth that serve as a medium of exchange, a unit of consideration, or a store of value” It highlighted that virtual resources are different from fiat monies and stated it will continue to examine them to decide if additional updates to its criteria are essential.
The fiscal watchdog will modulate the exchange of cryptocurrencies and fiat money, in addition to transactions between electronic assets. The minimal value of cryptocurrency transactions that’ll activate regulatory actions has not yet been determined, however, the agency has stated it will track deals between the transport of 600,000 rubles (~$9,000) or longer. It’s been reported, but that transactions below 15,000 rubles, or about $230, may stay anonymous.