Russia Now Allows Banks To Engage In Restricted Crypto Operations

In its latest move toward integrating cryptocurrencies into its financial framework Russia has announced that domestic banks will be granted permission to engage in limited crypto operations under stringent regulatory ￰0￱ Chistyukhin the First Deputy Chairman of the Bank of Russia highlighted that this cautious approach aims to prevent commercial banks from making cryptocurrency trading their primary ￰1￱ Role Of Banks In Crypto Assets Chistyukhin emphasized the need for strict capital and reserve standards

asserting that while excluding banks from cryptocurrency transactions would be unjustified it is essential to maintain conservative views on the banking sector’s involvement with digital ￰2￱ his statement Chistyukhin asserted: We hold conservative views and think about how appropriate it is for the banking sector to include cryptocurrency in its ￰3￱ discussion with the professional banking community we came to the conclusion that excluding banks from such operations would be ￰4￱ mitigate risks associated with money laundering and terrorism financing

all transactions involving digital assets will be subject to existing anti-money laundering (AML) ￰5￱ noted the importance of transparency in these transactions stressing that all parties involved must be adequately identified and that the sources of funds must be ￰6￱ regulatory framework aims to ensure that banks brokers and exchanges are held accountable for monitoring illegal transactions

with strict penalties for those who fail to ￰7￱ added: The international community and the Russian professional community have become very clear that crypto assets have an increased risk associated with money laundering and the financing of ￰8￱ believe that all anti-money laundering mechanisms should also apply to investing in crypto ￰9￱ Of Russia To Conduct Major Digital Asset Audit In a related development the Bank of Russia is planning a comprehensive audit of the nation’s cryptocurrency holdings and activities set to take place in early ￰10￱ reported by Bitcoinist earlier this week this audit will assess investments in digital assets by regulated financial institutions and investigate any lending or financing associated with crypto ￰11￱ central bank intends to cross-reference data from various sources

including miners exchanges and the Federal Tax Service to identify discrepancies between reported activities and actual ￰12￱ while Russia continues to develop its regulatory landscape for digital assets

a divide has emerged among government ￰13￱ some ministries advocate for clearer regulations and taxation for crypto operations the central bank appears to favor a more cautious approach prioritizing financial stability over rapid ￰14￱ image from DALL-E chart from ￰15￱