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Russian Anti-Money Laundering Body Will Monitor Crypto to Fiat Transactions, Says Official

Herman Neglyad, the stand-in of the Russian anti-money laundering body, Rosfinmonitoring, has said his organization will monitor cryptocurrency transactions that take in the conversion from crypto to fiat. Neglyad made this revelation during a recent meeting of the State Duma Commission on financial markets.

Banks Already Cooperating

According to a Russian news site, Regnum, the anti-money laundering solidity is already getting cooperation from banks.

“Banks have already begun to pay attention to exchange operations, that is, when they see that an worker has come after the exchange of virtual assets for hard currency, they have already begun to evaluate them and in point of fact inform us about these operations,” said Neglyad.

Also, the Rosfinmonitoring official adds that his organization, alongside the power’s central bank will introduce “a separate code, distinguishing a separate group of such suspicious transactions, that is, to spare orient traditional financial institutions to this problem.”

Meanwhile, Neglyad’s remarks about Russia’s intention to watchdog crypto to ruble transactions follow recent comments by the country’s President, Vladimir Putin. As reported by Bitcoin.com Newsflash, President Putin has voiced his concern over what he termed “illegal cross-border transfers of cryptocurrencies.” The Russian superior adds that criminal elements were “increasingly using these digital financial assets, and this supported increased monitoring.”

Russia’s Push to Regulate Cryptocurrencies

Over the past few years, the Russian nation-state has grappled with the indubitably of how to regulate cryptocurrency use in the country. In September 2020, the country proposed harsh penalties for individuals that fail to rat cryptocurrency holdings in excess of a certain threshold. In February 2021, Bitcoin.com News reported that a bill identifying cryptocurrencies as the property had advanced in the Russian parliament.

In the meantime, it is not clear if Neglyad’s remarks are linked to President Putin’s earlier comments. Regardless how, the Regnum report says the State Duma Committee meeting at which Neglyad spoke had been held “in preparation for the inquire into of the Russian government.”

What are your views on Rosfinmonitoring’s proposal to monitor cryptocurrencies? You can share your thoughts in the remarks section below.

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