Russia begins development of international crypto payment mechanism

Russia begins development of international crypto payment mechanism


According to reports, Russian authorities intend to regulate digital assets' issuance, circulation, and various operations, including international crypto payments, by the end of 2022. The Ministry of Finance, the Central Bank of Russia, and the Rosfinmonitoring agency have undertaken this task; Rosfinmonitoring explained: Organizations that will use digital currency for exchange operations, their transfer and storage, and the activities of virtual asset service providers should be regulated, including such personnel registration or licensing and its supervision. Responsibilities should also include combating money laundering. The current version of the “Digital Currency” Act, proposed by the Russian Ministry of Finance earlier this year and revised based on input from other authorities, provides for establishing a domestic crypto-asset trading infrastructure.

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