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A law has been passed that obliges miners to comply with anti-money laundering legislation.
On July 23, State Duma deputies passed a law obliging Russian cryptocurrency miners to comply with anti-money laundering legislation, writes RBC. The document is not directly related to the discussed draft law on mining and regulation of cryptocurrencies, which was also on the agenda.
Russian users of cryptocurrencies expected consideration of draft laws on mining and settlements in digital currency under the experimental legal regime (EPR). However, the deputies managed to consider only 60 of the planned 70 issues.
However, the deputies adopted a different bill, not related to mining and cryptocurrency, but related to notaries. In accordance with this draft law, amendments are being made to Article 7.1 of Federal Law No. 115-FZ. The original version of the law applied only to notaries, but by the second reading, it was amended to oblige miners, participants in mining pools and their administrators to comply with the law on countering money laundering and terrorist financing.
Federal Law 115-FZ is aimed at preventing money laundering and terrorist financing. It requires the provision of supporting documents and explanations for operations on the account. Now miners are also required to comply with these requirements, which includes identifying customers and assessing the level of risk of financial transactions.
Interestingly, the bill with notaries already mentions such terms as" miners "and"mining pools". This confirms that the issue of the adoption of the law on mining is almost resolved, experts say. However, the final version of the document is still unclear. Perhaps it will be without a ban on the organization of cryptocurrency circulation, which was proposed by the Ministry of Finance.
The draft law on mining, which we did not have time to consider, does not prohibit the use of cryptocurrencies by individuals or the use of familiar wallets and crypto exchanges. However, the document includes a ban on the creation of completely Russian exchanges and exchangers. This is one of the most controversial points.
The Ministry of Finance, in its response to the draft law, suggested that deputies remove the ban on the organization of cryptocurrency circulation (that is, the creation of exchanges and exchangers) in Russia, as well as on its sale by Russian miners using the domestic information infrastructure.
In addition, the ministry also proposes to remove the ban on advertising goods, works and services related to digital currencies from the bill and allow exchange trading in cryptocurrencies under the EPR, as it is planned to do from September 1 for settlements in foreign trade. The current version of the bill proposes a ban on advertising digital currencies, mining services, mining companies, crypto exchanges and crypto exchanges.
According to the adopted law, operators of Russian mining pools and mining companies will be subject to requirements for identifying customers and assessing the level of risk of suspicious financial transactions. If there are suspicions, the pool operator or a representative of the mining company will have to provide Rosfinmonitoring with information on its requests.
Experts believe that in order to effectively combat money laundering, it is urgently necessary to introduce regulation of cryptocurrency exchanges and exchangers. They, like miners, should become AML/CFT entities.
According to the Russian mining company BitRiver, in 2023, Russian miners mined bitcoins worth 315 billion rubles. The turnover of Russian users of bitcoin and Ethereum on popular platforms amounted to 4.78 trillion rubles. The evaluation method does not take into account OTC and p2p transactions. The turnover of USDT in Russia, according to Chainalysis, is 5-9 times higher than the turnover of bitcoin.
Source
On July 23, State Duma deputies passed a law obliging Russian cryptocurrency miners to comply with anti-money laundering legislation, writes RBC. The document is not directly related to the discussed draft law on mining and regulation of cryptocurrencies, which was also on the agenda.
Russian users of cryptocurrencies expected consideration of draft laws on mining and settlements in digital currency under the experimental legal regime (EPR). However, the deputies managed to consider only 60 of the planned 70 issues.
However, the deputies adopted a different bill, not related to mining and cryptocurrency, but related to notaries. In accordance with this draft law, amendments are being made to Article 7.1 of Federal Law No. 115-FZ. The original version of the law applied only to notaries, but by the second reading, it was amended to oblige miners, participants in mining pools and their administrators to comply with the law on countering money laundering and terrorist financing.
Federal Law 115-FZ is aimed at preventing money laundering and terrorist financing. It requires the provision of supporting documents and explanations for operations on the account. Now miners are also required to comply with these requirements, which includes identifying customers and assessing the level of risk of financial transactions.
Interestingly, the bill with notaries already mentions such terms as" miners "and"mining pools". This confirms that the issue of the adoption of the law on mining is almost resolved, experts say. However, the final version of the document is still unclear. Perhaps it will be without a ban on the organization of cryptocurrency circulation, which was proposed by the Ministry of Finance.
The draft law on mining, which we did not have time to consider, does not prohibit the use of cryptocurrencies by individuals or the use of familiar wallets and crypto exchanges. However, the document includes a ban on the creation of completely Russian exchanges and exchangers. This is one of the most controversial points.
The Ministry of Finance, in its response to the draft law, suggested that deputies remove the ban on the organization of cryptocurrency circulation (that is, the creation of exchanges and exchangers) in Russia, as well as on its sale by Russian miners using the domestic information infrastructure.
In addition, the ministry also proposes to remove the ban on advertising goods, works and services related to digital currencies from the bill and allow exchange trading in cryptocurrencies under the EPR, as it is planned to do from September 1 for settlements in foreign trade. The current version of the bill proposes a ban on advertising digital currencies, mining services, mining companies, crypto exchanges and crypto exchanges.
According to the adopted law, operators of Russian mining pools and mining companies will be subject to requirements for identifying customers and assessing the level of risk of suspicious financial transactions. If there are suspicions, the pool operator or a representative of the mining company will have to provide Rosfinmonitoring with information on its requests.
Experts believe that in order to effectively combat money laundering, it is urgently necessary to introduce regulation of cryptocurrency exchanges and exchangers. They, like miners, should become AML/CFT entities.
According to the Russian mining company BitRiver, in 2023, Russian miners mined bitcoins worth 315 billion rubles. The turnover of Russian users of bitcoin and Ethereum on popular platforms amounted to 4.78 trillion rubles. The evaluation method does not take into account OTC and p2p transactions. The turnover of USDT in Russia, according to Chainalysis, is 5-9 times higher than the turnover of bitcoin.
Source
