Rosfinmonitoring will be engaged in the control of trafficking in cryptocurrency. The decision was taken as part of the plan International group development of measures to combat money laundering (FATF), which includes Russia. The main purpose of the changes is to cut the shadow from the business of the cryptocurrency revolution. This is with reference to the Deputy head of the Russian FIU Pavel Livadny according to “Izvestia”.
In accordance with the requirements of the FATF, Russia, and other countries-members of the organization are obliged to make necessary amendments to the legislation and to introduce mechanisms of licensing, registration and/or recording of cryptocurrency exchanges and exchangers, platforms for holding ICO and administrators cryptocell. As have informed “news” Livadny, these changes will be developed in the near future.
According to the orders of the FATF, specific activities, subject to supervision, are the exchange of virtual assets for traditional currencies, each other, and their transfer, storage and placement. Livadny noted that cryptocurrencies can “digitally apply or transfer, be used for payments and investments.”
Price threshold control for digital assets is not yet specified; for transactions with Fiat money it is 600 thousand rubles. Experts interviewed by “Izvestia”, were divided in their opinions about how this value should be for cryptocurrencies. The President of the Russian Association of kryptonyte and blockchain (RAKIB) Yuri Pripachkin believes that it would be better to work with already established values, that is, to report transactions for the sum over 600 thousand roubles, and translations to 15 thousand roubles to leave anonymous. The opposite view is held by the adviser to the Chairman of the Board of the Association “Financial innovation” Murad Salikhov. According to experts, the threshold should be established for transactions between $100 million and above, as mandatory reporting of smaller amounts burdening market participants and may force them to go into the informal sector.
Currently FATF is developing full recommendations on the oversight of the cryptocurrency sector. The release of the rulebook is planned for next year.