Authorities plan to transfer information about cryptocurrency owners to security forces

“All crypto exchanges will need to register or obtain a license. Your responsibilities will also include establishing information about the owner of the crypto address and storing information about all transactions made for at least five years. Exchanges will also be required to provide this information to authorized government bodies, primarily law enforcement,” Tisen said.

According to her, there should also be “routing rules” so that each transaction contains information about the sender and recipient of the cryptocurrency. At the same time, it is technically difficult to implement such rules, which is why today they only work in the European Union, Tisen clarified.

He noted that since 2017 a package of bills has been drawn up that should “whitewash” the scope of cryptocurrency transactions. Tisen expressed hope that most of the documents will be adopted by the end of 2024, after which government regulations will be prepared for each of the laws, which will “resolve a number of additional and clarifying issues.”

• In August, Vladimir Putin signed two laws regulating the cryptocurrency market in Russia.

• The first document, dated November 1, legalizes the extraction of cryptocurrencies (mining) by citizens, companies and individual entrepreneurs.

• The second law allowed the Central Bank to launch an experimental legal regime for the use of cryptocurrencies in international payments.

• To this end, in September the authorities formed a focus group, in which individual importers from the Chamber of Commerce and Industry and the Association of Electronics Developers and Manufacturers, as well as some banks, participated.