Russia Requests Members of Financial Action Task Force (FATF) to Control Crypto Exchange and Storage
Russia Tells Financial Action Task Force To Control Crypto Circulation
The Financial Action Task Force is a Paris-based intergovernmental organization that was created in 1989 with the goal of helping in the development of standards that will help in the fight of money laundering around the world. Now, a regulator from the Russian government has directly recommended the Financial Action Task Force members to control cryptos.
In short, the Federal Financial Monitoring Service of the Russian Federation’s vice president, Pavel Livadny, has affirmed that the Financial Action Task Force should control the flow of cryptos, their storage and transactions to prevent money to be stolen using the cryptocurrency’s technology.
Livadny is already eager to implement new rules for crypto transactions over 600,000 rubles (about $9,000 USD), as large transactions will have to be monitored by the government. This way, he affirms that they can circulate freely but that they will have to monitor the usage and issuance of the tokens.
At the moment, Russia is still in a very gray zone about the whole issue as the government has not formalized how cryptocurrencies are regulated within the boundaries of the country. However, the country is already thinking about tax laws and how to regulate this market better in the near future.