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Russia for global standards against crypto money laundering; FATF on board

russia brings fatf for crypto regulations

Russian authorities have decided to deal with the cryptocurrencies as per the Financial Action Task Force’s (FATF) recommendations amidst concerns over money laundering.

The decision was taken by Pavel Livadny, the president of the Federal Financial Monitoring Service of the country. The decision has put cryptocurrencies and all associated assets and business at the mercy of FATF.

Earlier this week a Russian media outlet also reported that a high-level Russian government official is calling for global standards against money laundering through cryptocurrencies.

Russia is a haven for crypto miners owing to the extremely low temperatures, but the government is reluctant to allow free flow of the business in the country raising many concerns, chief among them; money laundering.

Earlier this month a Russian official also hinted that the government is yet to decide on the fate of the currencies and the move to bring FATF appears promising for miners and crypto related business.

FATF is the thirty-seven member international authority working against money laundering in especially after the rise of terrorism-related activities across the globe.

The Russian government has ordered all exchanges, businesses, and dealers to get on the official network under the Rosfinmonitoring.

This registration rule applies to medium and high-level enterprises with over $9000 in investments in the absence of proper legislation.

Livadny, however, issued a heads-up warning that strict anti-money laundering laws will follow the recommendations put forth by the FATF.

This development appears to bring the bill to regulate digital assets as requested by Putin to life sometime in 2019.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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