Russian anti-corruption legislation to apply to crypto exchanges | Invezz

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The Russian government has introduced a draft policy for crypto exchanges under its anti-corruption legislation. According to the government’s website, federal security officials are now allowed to send crypto exchanges inquiries. They may also contact operators of information systems in which digital financial assets are issued.

Implementing audits to counter corruption

Under the draft legislation, it is possible to implement “audits in order to counter corruption”, giving government employees new and greater privileges. The income statements are expected to reflect all transactions. It’s worth pointing out that the changes were added to the existing framework under a presidential decree, issued back in 2013.

Central bank imposes restrictions on digital assets

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In January this year, Russia’s Digital Financial Assets (DFA) Law included a legal definition of cryptocurrency. People are not allowed to use crypto to pay for goods and services in Russia. Moreover, the Russian central bank imposes restrictions on people looking to acquire digital assets.

At the time of writing, the government was discussing the draft and accepting independent anti-corruption expertise along with public suggestions. Once accepted, the draft will become a “normative legal act”.

Russia cracking down on crypto-connected crime

Russia has been cracking down on crypto-linked crimes. In August, Russia’s National Anti-Corruption Plan 2021-2024 was officially approved. The central bank and other government institutions were tasked to verify digital asset holdings of state employees in line with this plan.

Recently, President Vladimir Putin expressed uncertainty about the various use cases of cryptocurrency in an interview. Somewhat surprisingly, he conceded that it could “exist as a means of payment.”

RACIB president dissatisfied with administration

Yuri Pripachki, President of the Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (RACIB), has expressed dissatisfaction with the administration in the past. He accused the government of failing to target a systematic solution in the field of digital assets, adding:

From the point of view of regulation of the crypto industry in the Russian Federation, in the opinion of its professional representatives, absolutely nothing has been done to bring out the domestic segment of this market of the shadow.

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