{"id":14949,"date":"2021-12-03T12:54:05","date_gmt":"2021-12-03T12:54:05","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/russia-to-decide-fate-of-crypto-exchangers-in-2022\/"},"modified":"2021-12-03T12:54:05","modified_gmt":"2021-12-03T12:54:05","slug":"russia-to-decide-fate-of-crypto-exchangers-in-2022","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/russia-to-decide-fate-of-crypto-exchangers-in-2022\/","title":{"rendered":"Russia to Decide Fate of Crypto Exchangers in 2022"},"content":{"rendered":"

Discussions on the future of \u201cvirtual currency exchangers\u201d in Russia should be completed in 2022, a high-ranking representative of the country\u2019s financial watchdog has indicated. Following international standards, authorities in Moscow would have to either regulate or ban such platforms. <\/strong><\/p>\n

Decision on Digital Currency Exchangers in Russia Expected Next Year<\/h2>\n

Considerations regarding the regulatory treatment of online exchangers working with cryptocurrencies must come to an end in 2022. That\u2019s according to a statement by the Deputy Director of Russia\u2019s Federal Financial Monitoring Service (Rosfinmonitoring<\/a>) Herman Neglyad, quoted by Tass.<\/p>\n

At this year\u2019s Banking Legal Conference, the official noted that in the light of efforts to manage risks associated with money laundering and terrorist financing under the national risk assessment adopted in 2018, virtual assets such as cryptocurrencies are recognized as a high risk factor for Russia\u2019s financial space. Neglyad also emphasized:<\/p>\n

Here we will have a discussion to complete, I think, in the coming year. It should be determined within the framework of the FATF standards.<\/p>\n

The Rosfinmonitoring executive further explained that for the FATF<\/a> (Financial Action Task Force), it is necessary to regulate the points of entry into the official financial system, crypto exchangers in this case. The organization, he elaborated, offers the country two alternative approaches \u2014 either the legalization of these crypto platforms through registration as subjects of anti-money laundering laws, or prohibition of their activities.<\/p>\n

\u201cBoth options have a right to exist. There are different points of view,\u201d Herman Neglyad commented. At the same time, he insisted that the debate must eventually end.<\/p>\n

In the Russian Federation, cryptocurrencies and some related activities have been partially regulated with the law \u201cOn Digital Financial Assets\u201d which went into force in January. However, many important aspects such as the status of crypto mining, taxation matters, cryptocurrency trading, and the use of digital coins in payments need further regulation through the adoption of new legislation.<\/p>\n

Bank of Russia, the country\u2019s monetary authority, remains categorically opposed<\/a> to allowing bitcoin payments. The financial regulator insists that decentralized digital currencies represent \u2018money surrogates<\/a>\u2019 which are banned under Russian law. It\u2019s also actively working with private banks to develop and issue a digital version of the national fiat, the ruble.<\/p>\n

Crypto exchangers have often been the target of restrictive government actions. In October, a number of such platforms providing Russian residents<\/a> with options to exchange, cash out, and transfer cryptocurrency using various payment methods were threatened<\/a> with closure after a court ruling described their content as prohibited.<\/p>\n

Do you expect Russia to ban cryptocurrency exchangers? Share your thoughts on the subject in the comments section below. <\/em><\/strong><\/p>\n

Bitcoin News
\nRegulation, Authority, ban, Bank of Russia, Central Bank, crypto exchangers, crypto exchanges, cryptocurrency exchangers, debate, discussions, exchangers, Exchanges, fatf, fatf standards, financial watchdog, legalization, monetary authority, prohibition, Regulations, regulator, Rosfinmonitoring, Russia, russian, watchdog<\/p>\n","protected":false},"excerpt":{"rendered":"

Discussions on the future of \u201cvirtual currency exchangers\u201d in Russia should be completed in 2022, a high-ranking representative of the country\u2019s financial watchdog has indicated. Following international standards, authorities in Moscow would have to either regulate or ban such platforms. Decision on Digital Currency Exchangers in Russia Expected Next Year Considerations regarding the regulatory treatment…<\/p>\n","protected":false},"author":0,"featured_media":14950,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-14949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14949"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=14949"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/14949\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/14950"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=14949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=14949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=14949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}