Head of Investigative Committee Calls for Mandatory Identification of Cryptocurrency Users in Russia – Regulation Bitcoin News

Russians who use cryptocurrency should not be anonymous, the man who chairs Russia’s federal investigating authority has recently stated. Officials leading the fight against corruption within the government demanded additional regulations. This included mandatory identification of those who use digital currencies.

An Anti-Corruption Official Calls for Regulations to Reduce the Risks of Illicit Uses Of Cryptocurrency

Alexander Bastrykin is the head of Russia’s Investigative Committee. He believes people using cryptocurrencies shouldn’t be anonymous. In an interview with Rossiyskaya Gazeta, the top-ranking official expressed his opinions.

“I have already noted that in connection with the adoption of the federal law ‘On Digital Financial Assets’ in July 2020, additional risks of using digital currency for criminal purposes may arise, in particular for financing terrorism and extremism,” Bastrykin, a former Deputy Prosecutor General of Russia, told the official newspaper. He elaborated:

Therefore, the circulation of digital currency requires further legal regulation — first of all, mandatory identification of users of such a currency is necessary.

Bastrykin noted that the status of anonymous online marketplaces offering cryptocurrencies for sale and purchase is still to be established. Over the years websites that offer crypto-exchange services have been in trouble with Russian judiciary and regulators.

The current law on digital assets does not cover crypto-related activity such as digital coin trading. The State Duma is the Russian lower house and has a working group that’s preparing regulations to address the remaining issues.

The Investigative Committee is Russia’s main federal investigating and anti-corruption authority, subordinate to the Russian president. This committee is responsible for investigating federal, state, and local authorities and corruption.

In August, President Vladimir Putin signed a decree approving the country’s National Anti-Corruption Plan for 2021-2024. The Russian leader of state directed several ministries, as well as the central bank to inspect officials that are required to reveal their digital assets.

Alexander Bastrykin spoke to RIA Novosti on December 2020 and insisted that cryptocurrency must be recognised as property for criminal law purposes. Alexander Bastrykin stressed that this was a prerequisite for criminal investigations in cases where digital currencies were involved. Examples include those of embezzlement and bribery. In November 2021, the Prosecutor General’s Office of Russia proposed to define cryptocurrency as property in the country’s Criminal Code.

This story contains tags
Alexander Bastrykin. Anti-corruption Authority, Crypto, Cryptoexchange, Cryptoplatforms, Crypto Regulations. Crypto Trading.

What are your thoughts on Alexander Bastrykin’s proposal to introduce mandatory identification of cryptocurrency users in Russia? Comment below.

Lubomir Tassav

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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