Russian government drafts roadmap to regulate, not ban encryption

According to NewsBitcoin on January 30, multiple ministries, regulators and law enforcement agencies have drawn up a cryptocurrency roadmap, a document that aims to regulate Russia’s cryptocurrency market by the end of this year. The plan was drafted by representatives of the Russian Ministry of Finance, Economic Development and Digital Development, the country's financial regulator and tax service, and the Central Bank of Russia (CBR). The Attorney General's Office and the Federal Security Service (FSB) are also involved in the process. The goals listed on the roadmap are supported by all participants except CBR. According to the roadmap, the Ministry of Finance is expected to establish a control system for the organizers, operators and customers of the peer-to-peer platform by May. Financial authorities will also develop a regulatory regime for crypto service providers, determine the legal status of market participants and appoint regulators. By November, FATF standards related to virtual assets should be transferred to the Russian regulatory framework. By December, the registration and reporting mechanism for organizations that facilitate the circulation of digital currencies in the Russian Federation must be completed. The next step would be to introduce legal liability for crimes involving cryptocurrencies, including evading administrative or criminal liability for reporting encrypted transaction data. The government also wants to create a mechanism to verify the accuracy of submitted digital asset ownership information. Reporting obligations will be incorporated into the new law.