Russians using cryptocurrency should not be anonymous, the man who chairs Russia’s Federal Investigative Authority recently said. Official major efforts to fight corruption in the government called for additional regulations, including the introduction of mandatory identification for those transacting with digital coins.
Anti-corruption official pushes for regulations to reduce risk of using cryptocurrency for illegal purposes
The head of the Investigative Committee of the Russian Federation, Alexander Bastrykin, believes that those who use cryptocurrencies should not remain anonymous. The high-ranking official shared his opinion in an interview with Rossiyskaya Gazeta, released by the government.
“I have already noted that in connection with the adoption of the Federal Law ‘On Digital Financial Assets’ in July 2020, using digital currency for criminal purposes may pose additional risks, in particular those of terrorism and extremism. for financing,” Bastrykin, a former Russia’s deputy prosecutor general, told the official newspaper. He elaborated:
Therefore, the circulation of digital currency requires further legal regulation – first of all, mandatory identification of users of such currency is required.
The status of online platforms providing opportunities to buy and sell cryptocurrencies anonymously has still not been determined, Bastrykin commented. Websites offering crypto exchange services have had a lot of trouble with Russian regulators and the judiciary over the years.
Digital coin trading is one of several crypto-related activities that are outside the purview of the current legislation on digital assets. A working group formed in the State Duma, the lower house of the Russian parliament, is now preparing regulatory proposals to deal with the outstanding issues.
The Investigative Committee is Russia’s main federal investigative and anti-corruption authority, subordinate to the Russian President. It is responsible for combating corruption and conducting investigations into federal government bodies, local authorities, and law enforcement agencies.
In August, President Vladimir Putin signed a decree approving the country’s national anti-corruption plan for 2021-2024. As part of the new strategy, the Russian head of state ordered several ministries and the central bank to prepare an oversight of officials who are obliged to disclose their digital asset holdings.
Speaking to RIA Novosti in December 2020, Alexander Bastrykin stressed that cryptocurrencies should be recognized as property for the purposes of criminal law and procedures. He emphasized that this is a necessary condition for investigation of criminal cases involving digital currencies. For example, people of bribery and embezzlement. In November 2021, the Office of the Prosecutor General of Russia proposed to define cryptocurrencies as property in the country’s criminal code.
What are your thoughts on Alexander Bastrykin’s proposal to introduce mandatory identification of cryptocurrency users in Russia? Tell us in the comments section below.
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