Russia will soon implement FATF cryptocurrency standards

Russia should introduce FATF anti-money laundering standards into their legislation prior to the group’s commission visit scheduled for March 2019.

The organization is expected to propose a list of AML / CFT regulations for the virtual asset space next month. As a result, the FATF will begin to perceive cryptocurrency companies as full-fledged participants in the financial market. Such recognition will require formalization, legalization and oversight to prevent money laundering..

Future regulations won’t come as a surprise to the crypto industry. Many regulators are constantly changing the standards, gradually bringing them closer to those established in the traditional financial sector. However, experts suspect that identification may be only the first stage, followed by requirements to control wallets, transactions, origin and conversion of funds..

Russia will soon implement FATF cryptocurrency standards

While most organizations are creating more and more restrictions and tightening the norms for the functioning of the crypto industry, the Mayor of Naples announced plans to launch an autonomous municipal virtual currency to combat discrimination by the central government and eliminate «rotten» Euro.

text: Ivan Malichenko, photo: State Duma

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