Vladimir Putin: “we need to stop illegal transactions with digital assets”

Russian President Vladimir Putin instructed the Russian Prosecutor General’s Office and Rosfinmonitoring to take measures to prevent illegal international transactions with digital financial assets (DFA).

Putin said this at an expanded meeting of the board of the Prosecutor General’s Office of the Russian Federation during the summing up of the results of the department’s work over the past year. Putin instructed the Federal Service for Financial Monitoring of the Russian Federation (Rosfinmonitoring) to pay special attention to the illegal “cross-border movement” of the CFA. The President explained that digital currencies have become increasingly used for criminal purposes, and preventing illegal transactions with CFA is one of the key tasks aimed at ensuring law and order in the state.

The Law “On Digital Financial Assets (DFA) and Digital Currency” entered into force on January 1, 2021. According to this law, cryptocurrencies are prohibited from using in Russia as a means of payment, while they are considered property. Mining, owning and trading cryptocurrencies is not prohibited, but specific legislative acts to regulate them have not yet appeared. At the end of last year, the Committee on CFA and Digital Currency was created in Russia , which coordinates issues related to taxation of cryptocurrencies, and also regulates the blockchain and digital currencies industry in the country.

Last month, the director of Rosfinmonitoring Yuri Chikhanchin announced the development of the Transparent Blockchain service , which is designed to track transactions with cryptocurrencies. Criteria are being worked out to identify suspicious transactions. However, Chikhanchin did not say which blockchains the service interacts with.

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