Crypto traders will be required to identify themselves with their passports in Russia
State Duma deputy Anatoly Aksakov announced this
16.02.2023 - 13:45
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What’s new? Russia may introduce mandatory identification on cryptocurrency exchanges with a passport, similar to the way it is implemented in banks. Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market, told TASS news agency on the sidelines of the forum “Cybersecurity in Finance.”
What else awaits Russian users? According to Aksakov, the system of mandatory identification will be implemented in case of the legalization of crypto exchanges themselves in the Russian Federation. In addition, the deputies are discussing the introduction of liability for illegal work in the cryptocurrency market and making transfers in digital assets.
“We are approaching serious decisions <…> the topic of responsibility for working outside the law should be spelled out, introduced, and as soon as it is introduced, will be considered in parallel,” the deputy added.
He explained that the relevant provision may be added after the finalization of the draft law on mining, which has already been submitted to the lower house of Parliament. The Ministry of Finance previously explained the delay in the adoption of the draft law by disagreements with the Central Bank and law enforcement authorities.
Another speaker of the forum, Stanislav Kuznetsov, representing Sberbank, said about the record volumes of illegal transfers to cryptocurrency accounts from Russian exchanges. According to him, there are trading platforms in “Moscow City,” where intermediaries of crypto scammers bring the cashed out money and send it to other countries without presenting passports.”
In October 2022, the Ministry of Finance of the Russian Federation advocated the regulation of game currencies and the identification of their owners to prevent their use as a means of payment outside the applications, as well as for money laundering and terrorist financing.
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