Central Bank Tightens Control Over Cryptocurrency Operations

The Bank of Russia has prepared new rules to strengthen control over cryptocurrency operations and reduce the risks of money laundering through crypto wallets. The initiative concerns digital depositories, which may be prohibited from opening crypto wallets for clients and temporarily halting operations with digital currency in the absence of necessary data about the participants in the transaction. The draft regulation on internal control has been put out for public discussion and aims to combat money laundering, financing of terrorism, and extremist activities. It is estimated that by 2025, the market for such services will reach 13.3 trillion rubles. Previously, the requirements for market participants were softer than those for credit organizations. At the end of July, it became known about the development of the first drafts of regulatory acts for launching the cryptocurrency market in Russia, including conditions for organized trading of digital currencies.

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