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The Federal financial monitoring service will control cryptocurrency in accordance with the FATF recommendations

Rosfinmonitoring will control the crypto activity

The Russian regulatory authority will control the exchange and storage of cryptocurrency in accordance with the recommendations of the Financial Action Task Force (FATF), saying newspaper "Izvestia".

The FATF, based in Paris, is an intergovernmental organization established in 1989 to create standards for combating money laundering and other illicit financing.

In October FATF announced changes to its standards related to digital currencies, and companies whose activity is connected with cryptocurrencies. In the updated recommendations of the FATF notes that the providers of virtual assets must comply with the rules of combating money laundering and the financing of terrorism, as well as registered and monitored for due diligence compliance.

Pavel Livadny, deputy director of Rosfinmonitoring, told that the department seeks to control cryptocurrency transactions exceeding the mark of 600 thousand rubles (about $ 9120). Taking into account the recommendations of the FATF, he added that cryptocurrencies are subject to the free dissemination, sharing and use for making payments and deposits.

Accordingly, the authorities should have complete control over not only the activity but also the storage, release and exchange for other crypto assets, write "Izvestia".

Today in Russia there are no rigid rules governing cryptocurrency, and the draft law on the formalization of certain areas of the shadow economy is still under discussion in parliament. Issues also cause the tax obligations of the holders of the cryptocurrency, while sporadic legal decision concerning Bitcoin have added to its uncertain status.

However, Pavel Livadny told that the changes in the Russian legislation relating to monitoring of cryptocurrency activity, will come into force in the near future.


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