Delivering a speech at the “Topical AML/CFT Issues” forum organized by Rosfinmonitoring, Bushmelev revealed that five major banks are already actively participating in the testing phase of this platform, with the trials expected to conclude by the end of May 2024.
As a part of this development, Innotech’s top executive emphasized that banks will be equipped with the necessary tools to conduct comprehensive “Know Your Crypto Client” and “Know Your Crypto Transaction” checks:
“Our primary objective is to identify the link between fiat and cryptocurrency transactions. While credit institutions have been able to handle fiat transactions, cryptocurrency transactions have traditionally been treated separately.”
It is the belief of Ilya Bushmelev that this novel service will greatly enhance the effectiveness of regulating the cryptocurrency market. Simultaneously, during the same session, Alexander Kuryanov, the Head of the Rosfinmonitoring department, affirmed that financial market participants are actively experimenting with scenarios that connect clients’ fiat transactions with non-fiat asset transactions.
Previously, Alexey Yakovlev, the Director of the Financial Policy Department at the Ministry of Finance of the Russian Federation, expressed the department’s eagerness to see the adoption of cryptocurrency regulation legislation within this year.