The State Duma of the Russian Federation has prepared proposals for the regulation of cryptocurrency according to the recommendations of FATF

The Russian State Duma has prepared proposals for the regulation of cryptocurrencies, prepared in accordance with the requirements of the Financial Action Task Force on Money Laundering (FATF). About this on Friday, May 24, announced the head of the State Duma Committee on the financial market, Anatoly Aksakov, reports TASS.

“Recently there was a session of FATF, which proposed to resolve the issue related to cryptocurrency, and therefore we slowed down a bit [with consideration of the bill] and have now prepared proposals,” Aksakov said.

Earlier this week, the official said that the adoption of the law on digital financial assets was “stuck” in connection with the requirements of the FATF commission regulating Bitcoin and other cryptocurrencies.

“The FATF mission demanded that we resolve issues related to bitcoins and so on. We fended off and wanted to somehow get around this issue, since there was a certain position of the Central Bank. But now we are either in the law “On digital financial assets”, or by a separate bill, we will write down the norm that will define the requirements for these cryptotools , ”he explained then.

The Committee, headed by Aksakov, recommended the bill for adoption in the second reading in March , however, while working on the document, the concept of digital money and cryptocurrency was excluded from it.

The document envisaged the introduction of the definition of digital financial assets, which include cryptocurrency and token, as well as legally enshrines a new type of contract concluded in electronic form – a smart contract, obligations for which are performed using digital financial technologies.

Recall that the Intergovernmental Organization FATF, whose main activity is declared to combat money laundering, announced plans to create a set of mandatory rules for the cryptocurrency industry in June last year.

The key point of the organization’s recommendations is to propose that “virtual asset providers”, which include cryptocurrency exchanges, wallets and other infrastructure platforms, “collect and store necessary and accurate information about the senders and recipients of cryptoactives”. According to the FATF, the authorities should be able to obtain this data at any time.

For information on how global governments solve the issue of cryptocurrency regulation, read the special BlockchainJournal material .

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