New Russian Rule for FATF to Monitor Crypto
The Financial Action Task Force’s members recommended the implementation of new monitoring standards for crypto transactions- including storage, exchanges, and issuance, according to a report by the Russian Daily News on Monday.
Since the late 80’s, FATF has been, on behalf of the French government, creating benchmarks for AML and all other illegal funding methods. The organization itself runs its operations out of Paris, France.
Progress Towards Greater Regulations
The FATF announced early this month that there’s a change happening regarding crypto, investments, currencies and everything in between. The shift is moving towards focusing on greater rules for the digital currency sphere, and that investors and consumers should abide by strict and clear CFT and AML regulations in addition to rigorous observation for compliance.
The Vice President of Rosfinmonitoring, Pavel Livadny, showed enthusiasm about deploying rules over crypto exchanges that exceed 600,000 rubles (about $9,120). The Financial Action Task Force mentioned that cryptocurrencies can become socialized and allowed for digital transactions to be viable for both investments and payments.
However, Izvestia reports that all crypto undertakings to be monitored, their exchanges, storage, and issuance must be under constant observation.
Crypto is still an intangible area in Russia, and there’s nothing to govern its existence except for a draft bill stumbling to the Russian parliament, trying to pave the path for further development.
The owners of cryptocurrency face an unanswered dilemma: mandatory tax payments. The dissipation of the legal actions around BTC only adds more pieces to the puzzle.
The short-term future will bear witness to crypto reformation rules regarding monitoring of the space, in the Russian law, as stated by Pavel.