Crypto Exchanges Must Share User Data With Russia, Says Attorney General CryptoBlog

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Digital asset exchanges must be forced to provide user information to Russian law enforcement, the country’s attorney general has insisted. The circulation of cryptocurrencies in the Russian Federation must be regulated to combat money laundering, the official added.

Cryptocurrency exchanges must report to Russian authorities, says chief prosecutor

Crypto service providers should be required to register in Russia and exchanges should share information about their users with Russian security services, according to the head of the Office of the Attorney General of Nations, Igor Krasnov.

He also believes that simply granting ownership status to cryptocurrencies under Russian law is not enough to fight the legalization of proceeds of crime. Krasnov called for their regulation to address the challenges posed by their use for illicit purposes.

Quoted by the Financial Security magazine published by the Russian financial watchdog, Rosfinmonitoring, the Attorney General further explained that the difficult geopolitical situation increases the risks of exploiting vulnerabilities associated with digital assets.

Igor Krasnov also called for adding cryptocurrencies to Russian criminal law, including recognizing that they can be subject to crimes and encroachments, as well as establishing procedures for their seizure, storage and confiscation. by the state.

Crypto assets and related transactions are not yet fully regulated in Russia, where lawmakers and other officials are still considering their approach. Most government institutions favor a restrictive regime preventing their free movement while legalizing certain activities such as mining as well as payments in cross-border settlements and trade under special legal regimes.

A crypto mining bill is still pending in the State Duma, the lower house of the Russian parliament. Reports surfaced last month that lawmakers were considering introducing criminal liability for minors evading taxes and failing to report their digital assets to the government.

The proposal, coming from the Finance Ministry, prompted a backlash from Russia’s crypto industry association which demanded clarification and warned that Russia could fall behind other countries if Moscow maintains its tough stance. on crypto regulation.

Tags in this story Crypto, crypto exchanges, crypto providers, Cryptocurrencies, Cryptocurrency, cryptocurrency exchanges, data, Exchanges, Information, Krasnov, Law enforcement, prosecutor, Attorney General, prosecutor’s office, providers, registration, Russia, Russian, user data, user information

Do you think Russia will force cryptocurrency exchanges to register and provide user data to law enforcement authorities? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: Being a writer is who I am, rather than what I do. Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons

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