😱 Russia 🇷🇺: Cryptocurrency Exchange Regulation Aligns with FATF Requirements

😱 Russia 🇷🇺: Cryptocurrency Exchange Regulation Aligns with FATF Requirements

Russia will implement a regulatory framework for cryptocurrency exchange platforms, requiring them to comply with the standards set by the FATF (Financial Action Task Force on Money Laundering). Interestingly, this move comes after the FATF downgraded Russia's rating due to its lack of regulation in this sector.

The new bill aims to close legal gaps in P2P transfers and cryptocurrency exchanges. If approved, we can expect the following:

▶️ Platforms will be required to request permissions from the regulator to operate.

▶️ Exchanges will be obligated to collect data on the owners of cryptocurrency wallets using their services.

▶️ Data for all transactions must be retained for at least 5 years.

▶️ Platforms will be required to share transaction information with authorities and among themselves.

▶️ The Central Bank has not yet announced which companies will be allowed to join the regulatory "sandbox."
#news #Russia #crypto

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