Possible ban on cryptocurrency exchanges in Russia to be discussed by 2022

The discussion on regulating or banning cryptocurrency exchangers should be concluded in 2022. This was stated by German Neglyad, deputy director of Rosfinmonitoring, writes TASS.

He noted that in the 2018 national risk assessment, cryptocurrencies were identified as a high-risk factor for Russia’s financial space.

“The discussion here must be concluded, I think, in the coming year. And still, we must align with the standards provided by FATF,” he said.

Referring to FATF proposals, Neglyad noted the need to regulate exchangers as entry points into the official financial system. According to him, the organisation proposes two methods of such regulation – subjecting them to anti-money-laundering legislation with identification, or banning their activities.

“Both options have merit. There are various viewpoints. This discussion must be concluded,” he said, the deputy director of Rosfinmonitoring.

Earlier in September, in a letter, the regulator classified cryptocurrency exchange operations as suspicious and recommended banks conduct thorough monitoring of them. In case of suspected money laundering, credit institutions are advised to block the client’s transactions and even terminate the bank account agreement.

The Bank of Russia also announced plans to develop a mechanism for blocking bank payments to cryptocurrency exchanges and exchangers.

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