Deputy Prime Minister of Russia approved a “roadmap” for cryptocurrency development

What’s new? Russian Deputy Prime Minister Dmitry Chernyshenko approved a roadmap to regulate the cryptocurrency market for the period until the end of 2022. The representatives of the Ministry of Finance, the Ministry of Economic Development, the Prosecutor General’s Office, the Federal Financial Monitoring Service, the Federal Security Service, the Ministry of the Interior, the Federal Tax Service, the Ministry of Digital Development, and the Bank of Russia took part in the creation of the document, RBC reports. The proposals included in the document were supported by all departments, except for the Central Bank, which is still in favor of banning cryptocurrency.

RBC’s material

What proposals were included in the document? “The roadmap” covers all areas of regulation. The government intends to define the status of all market participants, as well as appoint a regulatory body to monitor their activities. There will also be a mechanism for the registering and reporting of organizations that are involved in the turnover of digital assets.

The Ministry of Finance and the Ministry of the Interior will be responsible for creating a regulatory framework following the requirements of the intergovernmental Financial Action Task Force on Money Laundering (FATF). The framework will define criminal and administrative liability for cryptocurrency-related offenses, including the illegal circulation of digital assets, avoiding declaring information about them, violation of the rules for making transactions, and organizing the illegal acceptance of the digital currency.

The document also sets the following goals:

• The introduction of mandatory registration of crypto platforms by analogy with Internet companies;
• The creation of a mechanism for verifying the accuracy of the information on the ownership of digital currencies;
• The elaboration of “attributes and functionality of the compliance control system for the activities of organizers, operators and clients of p2p platforms and other systems, including virtual asset service providers;”
• The development of a methodology for assessing the value and classification of cryptocurrency assets.

Earlier, the Ministry of Finance presented its concept for the regulation of cryptocurrencies. The department believes that a total ban on digital assets proposed by the Central Bank is impossible and may lead to the shadow economy’s growth.