To control the laundering of income, users will be required to undergo a special identification, after which they will receive the right to use cryptocurrency . The relevant amendments will be made to the bill "On digital financial assets" by the second reading in the State Duma, said the chairman of the financial market committee Anatoly Aksakov.
Any cryptotool will also have to be tested for compliance with the requirements of the legislation of the Russian Federation.
Without a special “visa”, users will not be able to transfer money from accounts in Russian banks into digital financial assets (CFA), in particular, into cryptocurrencies. To obtain permission, it will be necessary to go through the identification process. The specific procedure mechanism, as well as the body authorized for this, has not yet been determined.
The head of the Duma Committee on the Financial Market stressed that the draft law on the CFA will be coupled with the current legislation on countering money laundering. The punishment for breaking the law can reach 15 years in prison. Making transactions with unidentified participants will be a sign of criminal schemes.
According to Anatoly Aksakov, the verification of cryptotools will resemble the listing of securities on traditional exchanges, but in a simplified form. Cryptotools that do not comply with Russian law will be considered illegal.
“Private cryptotools that do not comply with Russian legislation will become illegal. The audit will resemble the listing of securities on traditional exchanges – but in a simplified and inexpensive manner , ”explained Anatoly Aksakov.
The Ministry of Finance of Russia welcomes this initiative: the introduction of identification for users of cryptocurrencies in the department is considered appropriate. According to representatives of the Ministry of Finance, "this mechanism will help minimize the risks of corruption and money laundering."
The draft law “On digital financial assets” was adopted in the first reading at the end of May 2018. The second reading is due in 2019. It should be emphasized: the bill directly states that digital financial assets are not legal tender on the territory of the Russian Federation; such is only the ruble.
The document also provides for the possibility of making transactions on the exchange of tokens for fiat money or foreign currency. At the same time, lawmakers do not intend to give a specific definition of the concept of “cryptocurrency”, limited to only a general description of the value of the CFA.
According to the head of the expert council on digital economics and blockchain technologies under the State Duma Artyom Koltsov, the amendments, if adopted, will stimulate industry participants to work in Russian jurisdiction. Citizens and companies will be able to legally work and withdraw funds
For his part, the Vice-President of the Russian Association of Cryptoindustry and Blockchain, Valery Petrov, notes that the need to pass special identification for market participants will help at least the “tacit” recognition of cryptocurrency as an equivalent of fiat money and the development of an investment market.
However, it will be possible to judge how the amendments will affect the Russian cryptocurrency sector, only when lawmakers decide on the concept of cryptocurrency and the limits of its application.
Publication date 08/03/2019
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