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Russia’s Authorities May Require Mandatory Identification from Crypto Users

Russia’s Duma Committee on Financial Markets is considering establishing of mandatory identification process for users of digital financial assets, including cryptocurrencies. According to the amendment, unidentified crypto users will be outlawed, the committee chairman, Anatoly Aksakov, said.
news - Russia's Authorities May Require Mandatory Identification from Crypto Users

Russia’s Duma Committee on Financial Markets is considering establishing of mandatory identification process for users of digital financial assets, including cryptocurrencies. According to the amendment, unidentified crypto users will be outlawed, the committee chairman, Anatoly Aksakov, said.

This initiative will contribute to minimizing the risks of corruption and money laundering. However, to date, the authority has not suggested either the mechanism of the identification procedure, nor the responsible authority for the management of the process.

On March 6, Russia’s parliament adopted a crypto regulatory bill “On Digital Financial Assets”. Previously the State Duma approved the bill in a first reading in May 2018, but it raised some criticism from both the crypto and legal industries.

In February,  the government received from Russian President Vladimir Putin order for crypto regulations adoption in the spring session of 2019.

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