Russian bankers discussed draft law on crypto regulation with Finance Ministry

During the meeting, the issues of defining areas of responsibility for market participants were addressed

31.05.2022 - 10:20

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What’s new? The Association of Russian Banks (ARB) has discussed with the Ministry of Finance the draft law on the regulation of cryptocurrencies. During the meeting, the issues of setting areas of responsibility for financial institutions and other market participants were considered, the ARB’s press service reports.

The ARB’s press release

More details about the meeting. The ARB and the Ministry of Finance have also discussed models for conducting settlements of cryptocurrency transactions, customer identification, and confirmation of transparency of the origin of digital assets.

“One of the aspects of risk for lending institutions is to confirm the origin of funds derived from the sale of cryptocurrency,” the ARB representatives note.

Following the meeting, the ARB decided to hold a meeting with the Bank of Russia and the Federal Financial Monitoring Service. It is also planned to discuss KYC and AML procedures during it.

What happened before? On May 28, the Ministry of Finance introduced another version of the draft law “On Digital Currencies.” The new edition included comments from the Ministry of Economic Development, the Ministry of the Interior, the Ministry of Digital Development, the Federal Taxation Service, the Federal Financial Monitoring Service, and the Analytical Center for the Government.

State Duma Chairman Vyacheslav Volodin reported that the draft law on crypto regulation may be submitted to Russia’s State Duma before the end of the spring session. The document is also currently being considered by the Cabinet of Ministers jointly with representatives of the Bank of Russia.

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