🤩Russia 🇷🇺: Crypto exchanges may be required to hand over user information to authorities

🤩Russia 🇷🇺: Crypto exchanges may be required to hand over user information to authorities

Rosfinmonitoring has proposed new rules requiring crypto exchanges to a) obtain licenses and b) store user data for 5 years.

▶️ This information would include both the sender and recipient of cryptocurrencies.

▶️ Until now, the only way to identify an offender after a complaint was to contact the crypto exchange directly, but Russia has no formal process for such requests.

▶️ Context: according to a recent survey, 1 in 5 Russians has used cryptocurrencies at least once. However, overall adoption remains relatively low.

▶️ The bill is expected to be passed before the end of 2024, and some key details are still being debated.

#news #Russia #cryptocurrency

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