Media: Russia approves roadmap for cryptocurrency regulation through the end of 2022

Russia’s Deputy Prime Minister Dmitry Chernyshenko approved the roadmap for regulating the cryptocurrency market through the end of 2022. сообщает RBC, citing its own sources.

The document prepared by the government provides:

• defining the status of market participants and the framework for their activities, and the appointment of the supervisory authority;
• development of a registration and reporting mechanism for entities through which virtual assets circulate in Russia;
• the introduction of administrative or criminal liability for crimes involving cryptocurrencies, in particular for illegal turnover of assets and failure to declare information about transactions with them;
• the creation of a mechanism to verify the accuracy of information provided about ownership of digital currencies;
• mandatory registration of crypto platforms in Russia, modeled on internet companies.

As part of the roadmap, the government also wants to provide a legal assessment of the use of front persons in settlements between individuals.

It is expected that regulation in Russia will be aligned with standards FATF.

“Participants analysed international experience and formed a unified view — the crypto-market infrastructure has advantages and certain risks, so it is sensible to implement a regulatory-restrictive regime rather than a full ban. A full ban is impossible and would drive activity into the shadow market,” — the sources said.

The proposals included in the document, it is claimed, have been supported by all agencies, including the Ministry of Finance, the Prosecutor General’s Office, the Ministry of Economic Development, except the central bank.

Earlier, the Bank of Russia called for a full ban on exchanging and mining cryptocurrencies on the territory of the country. The State Duma has already said that they do not share such a categorical approach and in six months they intend to reach a consensus with the regulator.

ForkLog previously reported on the Ministry of Finance’s concept for regulating the market. Experts suspected that it could have been prepared with the interests of a particular player. The Central Bank also voiced its remarks on the ministry’s report.

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