Russia’s Duma Committee on Financial Markets is considering the adoption of a mandatory identification process for users of digital assets

Russia’s Duma Committee on Financial Markets is considering the adoption of a mandatory identification process for users of digital assets, local news service Izvestia reports on March 7.

The committee chairman, Anatoly Aksakov, revealed that the authority is planning to amend Russia’s crypto regulation, aiming to establish a special identification process for users of digital financial assets, including cryptocurrencies.

According to the planned amendment, dealing with crypto by unidentified users will become illegal, Aksakov said.

The chairman stressed that the new initiative is concurrent with the existing legislation against money laundering, with violation penalties reaching up to 15 years of imprisonment. Aksakov elaborated that the amendment will contribute to minimizing the risks of corruption and money laundering.

Aksakov noted that the authority has not suggested either the mechanism of the identification procedure, nor the responsible authority for the management of the process to date.

Neither Russia’s central bank nor the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring) have responded to Izvestia for comment on whether they support the new amendment.

Also read: U.S. state of Colorado is examining the possibility of implementing Blockchain in water rights management

Source: https://cointelegraph.com/news/russia-financial-markets-committee-considers-requiring-identification-from-crypto-users