The leading world economies have developed a strategy for regulating cryptocurrency exchanges , which they intend to consider as commercial banks and establish appropriate rules.
The strategy was developed by the FATF (International Organization for Countering the Legalization of the Proceeds of Criminal Proceeds), which includes 35 countries.
The findings, which were reviewed and agreed by the participants of the last meeting of the FATF member countries, are likely to be approved by each country. In particular, it proposes a step designed to stop criminals and terrorists using cryptocurrency in illegal transactions: tightening up the rules for cryptocurrency exchanges.
Argentina, Australia, Austria, Belgium, Brazil, Canada, China, Denmark take part in the FATF. Finland, France, Germany, Greece, Iceland, India, Ireland, Israel, Italy, Japan, Republic of Korea, Luxembourg, Malaysia, Mexico. Netherlands, New Zealand. Norway, Portugal, Russian Federation, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States.
According to the FATF decision, “countries should consider virtual assets as“ property ”,“ income ”,“ funds or other assets ”. Further, the ruling says:
"Countries should, in accordance with the FATF recommendations, apply the necessary measures for virtual assets and service providers associated with virtual assets, as well as identify money laundering / terrorist financing risks and take effective steps to prevent threats."
On March 12, answering the questions of the State Duma deputies, the head of the financial market committee, Anatoly Aksakov, stated that “a new draft law on cryptocurrencies will be proposed as part of cooperation with the FATF commission”. According to Aksakov, “in this area we must act carefully.”
The deputy explained:
“We do not introduce the concept of digital money into legislation and are not going to introduce it yet. We removed this concept in preparation for the second reading of the draft law “On digital financial assets”. There are fears that this electronic money may “erode” our monetary system, create a lot of problems, and, as we see, the situation in the cryptocurrency market is unwinding now not in favor of such currencies, the “hyip” is passing, and life shows that we really need to act carefully. We will continue to debate. Now the FATF commission is working in Russia, and within the framework of cooperation with the FATF commission, we will propose a bill that will propose regulation of cryptocurrencies, but what regulation it will be is not yet precisely defined. ”
On May 22, 2018, the State Duma adopted in its first reading the draft law “On digital financial assets” developed by deputies, introducing the definition of digital financial assets, which include cryptocurrency and token , as well as legally binding a new type of contract concluded in electronic form – smart contract , execution obligations under which is carried out using digital financial technology.
According to the bill, cryptocurrency and token are property, the key differences between them are determined on the basis of the sign of one issuer (token) and a set of issuers / miners (cryptocurrency), as well as the purpose of the issue.
Publication date 13.03.2019
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