Rosfinmonitoring to Control Crypto Turnover in Russia

October 30, 2018

The Federal Financial Monitoring Service will regulate all operations with digital currencies in the Russian Federation in accordance with the International Financial Action Task Force (FATF), as the head of the service reported. Officials will register and inspect exchanges and ICO platforms. In addition, the committee will be checking activities related to traditional assets to the amount of over 600,000 rubles.

Pavel Livadny, vice president of the service, said that the control will be executed in compliance with regulations of the international body Russia also belongs to.

As for Livadny, all member states of the alliance must modify their legislation, introduce licensing procedures, registration and inspections for crypto exchanges, ICO platforms and digital currency wallet operators as well as supervise their activity and compliance with determined regulations.

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