Monday, May 29, 2023

Russia’s Prosecutor General has said that digital asset exchanges must give information to the police. He also mentioned that they must control the way cryptocurrencies are used in Russia, so that money laundering can be prevented.

In Russia, companies that handle crypto services need to register and the exchanges have to tell the country’s security agency about their customers. That’s what Igor Krasnov, who is in charge of the Russian Prosecutor General’s Office, said.

He thinks that just having cryptocurrencies considered as property in Russia isn’t good enough to stop criminal activities. Krasnov is suggesting that we need rules to make sure people using cryptocurrencies can’t do bad things with them.

Russia’s financial security magazine quoted the top prosecutor and said that due to our difficult political situation, people can take advantage of weaknesses linked to digital assets.

Igor Krasnov proposed adding cryptocurrencies to Russian criminal law. He suggested that we should recognize that these digital currencies can also be used for bad things and outlined a way for the government to collect, store, and take them away.

Crypto assets, which are things like Bitcoin and other virtual currencies, still haven’t been completely figured out in Russia. Most people in the government want to make it really difficult to use them but they are okay with some activities like mining (which is how new crypto assets are made), using them for international payments, and trading with special rules that protect you.

The government of Russia is taking a look at crypto mining. They are thinking about punishing miners who don’t pay taxes or tell the government what digital assets they have.

The financial ministry suggested something that made the Russian association who are experts in cryptocurrencies angry. They asked the government to clarify the situation and warned them that if they don’t open up to crypto, Russia may fall behind other countries. Do you think Russia will require cryptocurrency exchanges to give out user information to the police? Tell us what you think in the comments section!


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