According to Igor Krasnov, this is necessary to regulate the turnover of digital assets that can be used to finance terrorism

​Russia’s Prosecutor General calls to oblige crypto platforms to transmit data to law enforcement agencies

05.04.2023 - 15:10

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3 min

What’s new? Russia’s Prosecutor General Igor Krasnov believes that the turnover of digital assets in the country should be regulated, forcing cryptocurrency platforms to register and transmit data to law enforcement agencies. In his article published in Rosfinmonitoring’s magazine “Finansovaya bezopasnost,” he said that amid the difficult geopolitical situation, the risks of terrorist financing, including through messengers and digital currencies, have increased. In this regard, according to the prosecutor general, there is a need to “keep in check” providers of virtual asset services in Russia.

Krasnov’s article

What else does the article say? Krasnov noted that the proposed measures would also help combat money laundering. However, in his opinion, it is not enough to recognize digital assets as property to combat the legalization of criminal proceeds and terrorist financing. He said that cryptocurrencies require inclusion in the criminal law field, as well as regulation of the procedure and grounds for procedural actions with them, including seizure, storage, and confiscation.

Crypto traders will be required to identify themselves with their passports in Russia

Crypto traders will be required to identify themselves with their passports in Russia

State Duma deputy Anatoly Aksakov announced this

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A year ago, Krasnov also called for the inclusion of digital assets in criminal legislation to simplify the investigation of theft cases and the possibility of their seizure.

Cryptocurrencies in Russia. In December, Deputy Anatoly Aksakov allowed the possibility of launching a Russian crypto exchange in the second quarter of 2023, later the State Duma discussed its creation. In the same month, RACIB said that Russia and Iran could create a joint national crypto exchange within the framework of an international Association of digital economy.

Rosfinmonitoring noted that by early March, cryptocurrency turnover in the Russian Federation exceeded 630 000 BTC (1 trillion Russian rubles at the time).

At the same time, the Ministry of Finance proposed to impose penalties for the illegal organization of digital asset trading platforms, the maximum of which is imprisonment for up to seven years. Also, the Ministry of Finance proposed to oblige miners to declare their income, in case of violation they could face up to four years in prison.

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