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Head of Investigative Committee Calls for Mandatory Identification of Cryptocurrency Users in Russia – Regulation Bitcoin News

Russians who use cryptocurrency shouldn’t be nameless, the person who chairs Russia’s federal investigating authority has not too long ago acknowledged. The official main efforts to combat corruption in the federal government referred to as for further laws, together with the introduction of necessary identification for those that transact with digital coins.

Anti-Corruption Official Pushes for Rules to Mitigate Risks of Using Cryptocurrency for Illicit Purposes

Alexander Bastrykin, head of the Investigative Committee of the Russian Federation, believes that individuals who use cryptocurrencies mustn’t stay nameless. The high-ranking official shared his opinion in an interview with the government-issued Rossiyskaya Gazeta.

“I have already noted that in connection with the adoption of the federal law ‘On Digital Financial Assets’ in July 2020, additional risks of using digital currency for criminal purposes may arise, in particular for financing terrorism and extremism,” Bastrykin, a former Deputy Prosecutor General of Russia, advised the official newspaper. He elaborated:

Therefore, the circulation of digital forex requires additional authorized regulation — first of all, necessary identification of customers of such a forex is important.

The standing of on-line platforms offering alternatives to purchase and promote cryptocurrencies anonymously is but to be decided as properly, Bastrykin remarked. Websites providing crypto change providers have had so much of troubles with Russian regulators and judiciary in the previous few years.

Digital coin buying and selling is amongst a quantity of crypto-related actions that continues to be exterior the scope of the present laws on digital property. A working group arrange on the State Duma, the decrease home of Russian parliament, is now getting ready regulatory proposals to cope with the excellent points.

The Investigative Committee is Russia’s important federal investigating and anti-corruption authority, subordinate to the Russian president. It is accountable for combating corruption and conducting investigations into federal governmental our bodies, native authorities, and regulation enforcement businesses.

In August, President Vladimir Putin signed a decree approving the nation’s National Anti-Corruption Plan for 2021-2024. As half of the brand new technique, the Russian head of state ordered a number of ministries and the central financial institution, to organize inspections of officers who’re obliged to reveal their digital asset holdings.

Speaking to RIA Novosti in December 2020, Alexander Bastrykin insisted that cryptocurrency must be acknowledged as property for the needs of legal regulation and procedures. He emphasised this can be a mandatory situation for investigating legal instances in which digital currencies are concerned. For instance, these of bribe and embezzlement. In November 2021, the Prosecutor General’s Office of Russia proposed to outline cryptocurrency as property in the nation’s Criminal Code.

Tags in this story
Alexander Bastrykin, Anonymity, anti-corruption authority, Crypto, crypto change, crypto platforms, crypto laws, crypto buying and selling, Cryptocurrencies, Cryptocurrency, Exchange, Holders, Identification, investigating authority, Investigative Committee, house owners, Regulations, Russia, russian, buying and selling, customers

What are your ideas on Alexander Bastrykin’s proposal to introduce necessary identification of cryptocurrency customers in Russia? Tell us in the feedback part beneath.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, worldwide politics and economics are two different sources of inspiration.

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