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The draft laws of Rosfinmonitoring are being prepared for adoption.
In Russia, cryptocurrency exchanges will be obliged to obtain a license and store information about cryptocurrency owners for at least five years. This data will have to be transferred at the request of law enforcement agencies and other government agencies. Rosfinmonitoring has developed a package of bills aimed at legalizing transactions with cryptocurrencies and reducing the number of crimes related to their use. This statement was made on October 17 at a round table on blockchain technologies held in the Federation Council, the Parliamentary Newspaper reports.
As noted by Irina Rukavishnikova, First Deputy Chairman of the Federation Council Committee on Constitutional Legislation, Russia does not yet have a "complete and exhaustive system of legislative regulation of blockchain". According to her, only certain elements of regulation are contained in a number of legal acts, including the law on digital financial assets and the law on experimental legal regimes in the field of digital innovations.
Blockchain technologies are already being used in Russia, including by government agencies. According to Olga Gritskova, Deputy Head of the Interactive Services Department, during the COVID-19 pandemic, the Federal Tax Service (FTS) began to implement blockchain to support the affected sectors of the economy, in particular, to automate the issuance of preferential loans. She noted that blockchain "turned out to be very convenient" for automating counterparty checks and protecting electronic interactions, which helped track cases when borrowers tried to get several loans under the same resolution in different banks.
However, the main problem area of blockchain is related to cryptocurrencies. Olga Tisen, Head of the Legal Department of Rosfinmonitoring, said that at the moment more than "1500 reports of criminal offenses" related to cryptocurrencies can be found in the public domain. Cryptocurrencies are often used as a means of payment in illegal transactions or become the object of theft. One of the problems is the difficulty of establishing a crime related to cryptocurrencies, as such offenses are usually discovered by chance, during investigations of traditional crimes such as corruption or drug trafficking, when crypto wallets or cryptocurrency exchange applications are found in the possession of suspects.
Thiesen also noted that the only way to establish the owner of the cryptocurrency is to appeal to crypto exchanges. However, this procedure has not yet been regulated, and exchanges may either not respond to the request and claim that they do not track the identities of their customers.
"Since 2017, we have been developing a package of bills designed to "whitewash" the sphere of cryptocurrency transactions", said Olga Tisen. "So, all crypto exchanges will be required to register or obtain a license. Also, their responsibilities will include establishing information about the owner of the crypto address and storing information about all transactions carried out for at least five years". Exchanges will be required to provide this data to government agencies, primarily law enforcement agencies. The bills also provide for "routing rules" that require each transaction to contain information about the sender and recipient of the cryptocurrency. However, Thiesen clarified that the implementation of these rules is a technically difficult task, and currently such measures are valid only in the EU countries.
It is expected that most of the bills will be adopted by the end of this year, after which the government will adopt resolutions that will resolve additional issues related to their implementation.
Source
In Russia, cryptocurrency exchanges will be obliged to obtain a license and store information about cryptocurrency owners for at least five years. This data will have to be transferred at the request of law enforcement agencies and other government agencies. Rosfinmonitoring has developed a package of bills aimed at legalizing transactions with cryptocurrencies and reducing the number of crimes related to their use. This statement was made on October 17 at a round table on blockchain technologies held in the Federation Council, the Parliamentary Newspaper reports.
As noted by Irina Rukavishnikova, First Deputy Chairman of the Federation Council Committee on Constitutional Legislation, Russia does not yet have a "complete and exhaustive system of legislative regulation of blockchain". According to her, only certain elements of regulation are contained in a number of legal acts, including the law on digital financial assets and the law on experimental legal regimes in the field of digital innovations.
Blockchain technologies are already being used in Russia, including by government agencies. According to Olga Gritskova, Deputy Head of the Interactive Services Department, during the COVID-19 pandemic, the Federal Tax Service (FTS) began to implement blockchain to support the affected sectors of the economy, in particular, to automate the issuance of preferential loans. She noted that blockchain "turned out to be very convenient" for automating counterparty checks and protecting electronic interactions, which helped track cases when borrowers tried to get several loans under the same resolution in different banks.
However, the main problem area of blockchain is related to cryptocurrencies. Olga Tisen, Head of the Legal Department of Rosfinmonitoring, said that at the moment more than "1500 reports of criminal offenses" related to cryptocurrencies can be found in the public domain. Cryptocurrencies are often used as a means of payment in illegal transactions or become the object of theft. One of the problems is the difficulty of establishing a crime related to cryptocurrencies, as such offenses are usually discovered by chance, during investigations of traditional crimes such as corruption or drug trafficking, when crypto wallets or cryptocurrency exchange applications are found in the possession of suspects.
Thiesen also noted that the only way to establish the owner of the cryptocurrency is to appeal to crypto exchanges. However, this procedure has not yet been regulated, and exchanges may either not respond to the request and claim that they do not track the identities of their customers.
"Since 2017, we have been developing a package of bills designed to "whitewash" the sphere of cryptocurrency transactions", said Olga Tisen. "So, all crypto exchanges will be required to register or obtain a license. Also, their responsibilities will include establishing information about the owner of the crypto address and storing information about all transactions carried out for at least five years". Exchanges will be required to provide this data to government agencies, primarily law enforcement agencies. The bills also provide for "routing rules" that require each transaction to contain information about the sender and recipient of the cryptocurrency. However, Thiesen clarified that the implementation of these rules is a technically difficult task, and currently such measures are valid only in the EU countries.
It is expected that most of the bills will be adopted by the end of this year, after which the government will adopt resolutions that will resolve additional issues related to their implementation.
Source
