A senior executive in charge of the country’s finances stated that discussions on the future of cryptocurrency exchanges in Russia should be completed by 2022.
Herman Neglyad, Deputy Director of Russia’s Federal Financial Monitoring Service (Rosfinmonitoring), in his speech: “Regulations on cryptocurrency exchanges should end in 2022.” said.
Speaking at this year’s Banking Law Conference, Neglyad said: Adopted in 2018 cryptocurrencies, He said that Russia carries a high risk for its financial situation as it is involved in money laundering and terrorist financing within the scope of its national risk assessment.
Some activities related to cryptocurrencies in the Russian Federation are partially regulated by the “Digital Financial Assets” law, which came into force in January. With this; Many important aspects need more regulation, such as cryptocurrency mining, taxation issues, cryptocurrency trading and the use of digital currencies for payments.
The Central Bank of Russia does not allow payments with bitcoin. It is also actively working with private banks to develop and issue a digital version of the national fiat currency, the ruble.
Crypto exchanges have often been restricted by governments. In October, several such platforms, which offer cryptocurrency exchange services to Russian citizens using various payment methods, were threatened with shutdown after certain conditions were prohibited in the context of the court decision.