Ministry of Economic Development proposes to reduce the number of crypto-exchanges in Russia

Ministry of Economic Development proposes to reduce the number of crypto-exchanges in Russia

Russian authorities have previously repeatedly stated that their main task is to establish control over the cryptosphere. The Ministry of Economic Development proposed to solve this problem by reducing the number of Bitcoin exchanges in the country.

As Interfax specifies, citing a letter from the agency, the Russian authorities may legalize only a few exchanges and exchange services in the domestic market.

The fewer platforms for operations with cryptocurrencies, the easier it is to monitor the movement of such funds and compliance with anti-money laundering laws, the Ministry of Economic Development stressed.

The Ministry’s letter sent to the government notes that it will be easier for Rosfinmonitoring to control market participants and identify dubious schemes.

Ministry of Economic Development offers to empower the Central Bank to regulate the industry and the formation of a mechanism of risk management and reporting.

Rosfinmonitoring with the help of special software will be able to analyze transactions with digital currencies, to identify and classify the participants of a particular transaction.

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Written by Renat
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