Rosfinmonitoring is considering the possibility of banning cryptocurrency exchangers – Bits Media

Deputy Director of Rosfinmonitoring German Neglyad said, that there is now a discussion about, what to do with cryptocurrency exchangers. One of the proposed options was to ban them.

During the VII banking legal conference, Neglyad noted, what, as recommended by the Financial Action Task Force (FATF), all companies, working with digital assets, must comply with anti-money laundering laws. Or such companies should be prohibited from operating.

“With regard to the direction on managing high risks of money laundering or terrorist financing, in national risk assessment 2018 years virtual assets, which include cryptocurrencies, recognized as a high risk factor for our financial space. This is where we have to end the discussion., I think, in the coming year. And yet be defined within those standards, which FATF provides us", He said.

From the point of view of Rosfinmonitoring, the priority target is exchange offices, working with cryptocurrencies. They become the “gateway” to the formal financial system, and it is necessary to either ban them, or ensure compliance with anti-money laundering regulations. At least, implement user identification.

“Both options have the right to life. There are different points of view. This discussion must end.", - the official concluded.

Recall, what, according to the report of the Central Bank of the Russian Federation for the III-IV quarters 2021 of the year, citizens of the Russian Federation conducted cryptocurrency transactions on 350 billion rubles (a little less $5 billion).