Bankers to discuss customer identification and transparency of funds’ origin in bitcoin transactions with the Bank of Russia

The Association of Russian Banks (ARB), together with representatives from the Ministry of Finance, discussed a forthcoming bill regulating cryptocurrencies. This was said by the association’s press service.

The meeting examined the need to delineate zones of responsibility for banks and market participants to create level playing fields for their work with digital currencies.

“One of the risk aspects for credit institutions is the verification of the sources of funds obtained from the sale of cryptocurrencies,” the ARB noted.

The association now plans to hold a meeting with the Bank of Russia and Rosfinmonitoring to discuss customer identification and the transparency of funds’ origin in cryptocurrency sales.

The draft law «On Digital Currency» provides for crypto-asset operations through Russian banks, the identification of crypto-wallet holders, and the classification of investors by qualifications.

According to media reports, the Finance Ministry revised the bill, spelling out the obligation of Bitcoin exchanges and exchangers to cooperate with law enforcement and to retain information about users and their transactions for three years.

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