The Central Bank of Russia has proposed a new set of guidelines to govern the crypto market in the country. The proposed guidelines allow banks to label crypto transactions as suspicious. The legislation explains how banks can apply the broader AML framework to combat money laundering done through crypto.
Crypto trading could be considered suspicious under the new guidance.
According to local news reports, both the sale and purchase of cryptocurrencies could be considered suspicious under the new guidance proposed by the Central Bank of Russia. Ivan Zimin, director of the central bank’s financial technology department, said that based on the results of the piloting, they proposed to include in the draft federal law on digital financial assets. He added that the provisions are necessary for the introduction and development of such decisions in the emerging digital assets market.
Crypto community criticizes the central bank’s proposed guidelines.
The crypto community in Russia responded to the central bank’s proposed guidelines with criticism. The CEO of Broctagon, Don Guo, said that this decision would only create more uncertainty in the digital asset space. He added that Russia seems to have taken one step forward and two steps back when it comes to crypto. Whether regulators like it or not, the adoption of digital currencies will continue, and dismissing cryptocurrencies comes with an opportunity cost, he further added.