Major exchanges surveyed by Russian media Kommersant said they are not afraid of the upcoming strict crypto regulations. Requiring cryptocurrency exchanges to have local offices is one of the proposals in the regulatory roadmap drawn up by the Moscow government.
Reportedly signed by Deputy Prime Minister Dmitry Chernyshenko, the document is an alternative to Russia’s central bank’s call for a ban on trading and other crypto businesses. Despite the country’s central bank’s hawkish stance, most government agencies, including the Ministry of Finance, prefer regulation over prohibition.
Other requirements envisaged in the roadmap include those related to anti-money laundering efforts, such as sharing transaction data with Russia’s financial watchdog Rosfinmonitoring. Crypto market participants must also establish mechanisms to verify ownership information for the digital assets they deal with.