Rosfinmonitoring: “Complete ban on cryptocurrencies is counterproductive”

Deputy Director of Rosfinmonitoring Herman Negliad said that although cryptocurrencies are increasingly being used for criminal activities, the agency is against a complete ban on digital assets in Russia.

Neglyad stressed that cryptocurrencies are often used for illegal activities due to the high degree of anonymity.. One of the most common cases is the sale of drugs for cryptocurrencies.. To counter the criminal use of cryptocurrencies, Rosfinmonitoring and several other agencies launched the Transparency Blockchain transaction analysis service.

At the same time, the deputy director of the department emphasized that cryptocurrencies are quite popular in Russia, many citizens and companies own digital assets.. Therefore, it makes no sense to completely ban cryptocurrencies in our country – they need to be properly regulated.

“Introducing a complete ban on the circulation of cryptocurrencies under such conditions would be counterproductive.. At the same time, we support the option of strict regulation of cryptocurrencies, which is set out in the concept of the Russian government: a ban on digital currency settlements, a ban on their advertising, as well as the need for explanatory work on the nature of digital currency as a high-risk asset. We believe that virtual assets or digital currencies should be legally equated with property, which entails their recognition as the subject of crimes,” said a representative of Rosfinmonitoring.

Neglyad also noted that it is necessary to sum up the regulatory and legal activities for companies working with digital assets. For example, to oblige exchangers to verify the identity of the user, as well as report suspicious transactions.

Earlier it became known that Rosfinmonitoring and the Ministry of Finance are going to regulate virtual game currencies. But, according to German Neglyad, these are usually virtual assets with low risks.. And only in some cases supervision is required – for example, if the service allows you to convert game currencies into cryptocurrencies or real money. The agency is analyzing whether it is necessary to single out this moment separately in the legislation.