Russia Wants to Introduce Mandatory Authentication of Cryptocurrency Users

News and Analysis

Russia’s deputy minister of finance Alexei Moiseev has stated that users who conduct cryptocurrency transactions have to be identified.
According to RNS, the official also believes that cryptocurrencies could be classified as “other property” as described in the country’s civil code.

“There are different legal concepts, but generally there’s a proposal we’re considering now that bitcoin and cryptocurrencies as a whole are to be defined as other property. If we call it money, it will entail currency control and other stuff, but it’s not clear why because it’s not some foreign currency,” Mr. Moiseev said.

He also noted that in terms of regulation, digital money transactions have to be supervised as per FATF regulations applied to derivatives.
FATF is an international organization that develops global standards in AML and prevention of terrorism financing.

Mr. Moiseev stressed that customer identification and accountancy for all transactions, as well as consumer protection measures, are imperative. The moments of purchasing and cashing cryptocurrency are the most important items of cryptocurrency supervision, he added.
He also noted that those propositions are part of a yet unpublished report that will be presented to Russia’s government next month.

Earlier, Olga Skorobogatova, deputy chairwoman of Russia’s Central Bank, has stated that cryptocurrencies should be considered a digital commodity. According to her, taxation regimes for cryptocurrencies will be developed in a few months.

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