ETHERLive
ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.

---

24hr ---
--%
Monday Mar 25th 2019
RESOURCES

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More
SUBMIT

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story

Explanation

Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
---
--%
Home
News
Etherlive
Ether Price Analysis
Resources
Contact Us

Russia’s Crypto Users May Need Special ID

By

Nathan

Graham

WriterETHNews.com

The prospective amendments to Russia’s crypto regulations are meant to fight money laundering and promote legal crypto adoption.

Officials from Russia's Duma Committee on Financial Markets hope to implement a mandatory identification process for users of cryptocurrency, according to a March 7 report in local Russian news outlet Izvestia.

Izvestia reports that the Duma Committee plans to amend existing regulations to require a mechanism that can identify users of digital financial assets. Users will need a special "visa" to transfer money from Russian bank accounts and convert them into cryptocurrency or other digital financial assets. The amendments are part of an effort to combat money laundering and will be brought before the State Duma during the second reading, which will take place this year.

Duma Committee Chair Anatoly Aksakov told the Russian news outlet that any private "cryptotool" – meaning any exchange platform, digital wallet, or virtual currency custodian – will be required to adhere to the new identification policy. Those exchanging Russian rubles for virtual currency will also be required to identify themselves or face a maximum of 15 years in prison.

Russian officials hope that, if passed, the amendments to existing regulations will not only help spur the adoption of virtual currency in Russia, but also reassure companies and citizens that they are operating legally.

No specific mechanism for this identification process has been announced and no governing body has been assigned to oversee it. Neither the Central Bank of the Russian Federation nor the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring) has voiced an opinion about the new identification requirement.

Know-your-customer regulations are becoming par for the course with cryptocurrencies. In December 2017, the European Parliament (EU) and the European Council (EC) developed regulations forcing crypto exchanges to identify their customers. In April 2018, the EU and the EC approved regulations to combat money laundering and "end the anonymity associated with virtual currencies, virtual currency exchange platforms and custodian wallet providers."

Nathan Graham

Nathan Graham is a full-time staff writer for ETHNews. He lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Duma Committee on Financial Markets, Russia or other Ethereum law and legislation news.