The document from the main Russian financial regulator states that “transactions with digital currencies and related instruments involve risks for the welfare of citizens, as well as involvement in illegal activities.”
To reduce risks, banks need to identify cryptocurrency transactions using accounts registered to dummy persons. If detected, it is necessary to request additional information and documents from clients, assess the level of risk, and, if necessary, report to law enforcement agencies.
“Operators in the digital financial assets market are recommended not to provide services for the issuance and circulation of digital financial assets, the profitability of which depends on the cost of digital currencies and similar indicators,” the statement said.
The Bank of Russia specifically emphasized that the recommendations do not apply to working with state virtual currencies (that is, the digital ruble), as well as digital financial assets (DFAs) issued in accordance with Russian legislation. That is, the recommendations should be applied when working with private stablecoins, public cryptocurrencies and foreign financial assets.
Recently, the International Anti-Money Laundering Task Force (FATF) downgraded one of Russia's ratings due to a lack of regulation of cryptocurrencies.
Source: Bits
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