Crypto Asset Users In Russia May Be Required To Use A Special Identification Process

Financial Markets Committee From Russia Considers Identity Verification From Crypto Users

Russia’s Duma Committee on Financial Markets has reunited recently to consider whether people should be mandatorily identified to use digital assets or not. Anatoly Aksakov, the chairman of the committee, has recently revealed plans to finally regulate crypto trading in Russia.

According to him,

“The goal is to establish a special process to identify the users of digital financial assets, a category in which cryptos would fall in. Therefore, if the law is passed, it would become illegal to deal with cryptos without being properly identified, Aksakov affirmed.”

The new initiative would be linked to anti-money laundering laws in the country, which can put someone in jail for over 15 years. Aksakov has affirmed that the amendment will be very important to minimize all possible risks of corruption and money laundering in Russia.

However, despite being positive on the idea of identifying people who use crypto assets, Aksakov has noted that the company will not be the responsible party for managing the process. The committee has not talked about how to implement such a system as well, only about the need for its existence.

At the moment, the Central Bank of Russia and the Federal Financial Monitoring Service of the Russian Federation have neither talked about the issue or positioned about it.

About Crypto Regulation In Russia

The path to regulate crypto assets in Russia has been very long and harsh so far. Despite the government having started several initiatives last year to do it, regulation was only postponed in 2018 and it looks like it will only bear fruit in 2019.

In fact, the president of Russia, Vladimir Putin, has officially ordered the government to adopt a proper regulation until half of the year, which may speed up the process.

Yesterday, the parliament has adopted a crypto bill in its second reading as well, which was named “ON Digital Financial Assets”. This bill was first approved in May 2018 but it was widely criticized, which basically stopped it for a time. The Russian Ministry of Economic Development has also reported recently that it would work on measures that would affect crypto assets.

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