Rosfinmonitoring to align Russia’s cryptocurrency regulation with FATF standards

In implementing the roadmap for regulating the cryptocurrency industry in Russia, FATF will rely entirely on the FATF guidance to mitigate the risks associated with virtual assets. The agency told TASS.

In the roadmap through the end of 2022, approved by Deputy Prime Minister Dmitry Chernyshenko, Rosfinmonitoring is listed as one of the responsible executors.

The agency should implement FATF requirements concerning digital currencies into the regulatory framework under development and establish a mechanism to verify the accuracy of information on crypto-asset holdings.

In addition, Rosfinmonitoring will draft a bill introducing amendments to the Criminal and Criminal Procedure Codes of the Russian Federation to establish liability for crimes involving the use of cryptocurrencies, as well as amendments to the Code of Administrative Offences concerning their circulation.

In October 2021, FATF published a revised version of the guidelines for the cryptocurrency industry.

There is currently an active discussion in Russia about regulating the crypto industry. The central bank proposes banning the circulation of crypto assets within the Russian Federation, while the Ministry of Finance advocates regulating the industry.

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