Major Russian Crypto Exchange Prepares to Work in Russia Under Proposed Rules

Major exchanges surveyed by Russian media say they are not afraid of the upcoming tough cryptocurrency regulations. Requiring crypto trading platforms to establish local offices is one of the recommendations in a regulatory roadmap drafted by the Moscow government. Reportedly signed by Deputy Prime Minister Dmitry Chernyshenko, the document is ready as an alternative to the Bank of Russia’s call for a ban on cryptocurrency businesses such as transactions. Because of its hard-line stance, the central bank finds itself isolated as most other government agencies, including the Treasury Department, prefer regulation over ban. Other requirements envisaged in the roadmap include those related to anti-money laundering efforts, such as sharing transaction data with Russia's financial watchdog Rosfinmonitoring. Crypto market participants must also establish mechanisms to verify information about the ownership of the digital assets they are dealing with.