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Russian Ministries and Agencies Submit Feedback on Crypto Law

 


The Russian domestic intelligence agency FSB and the Russian Ministry of Internal Affairs (MVD) have submitted their official feedback on the Ministry of Finance’s planned crypto bill. Among other things, this stipulates that crypto companies must disclose their transaction data in certain cases and under what circumstances crypto assets can be confiscated.


As reported by the local newspaper Izvestia , the domestic intelligence service and the interior ministry approve some parts of the planned digital currency bill, while rejecting others.


For example, the Ministry of Finance agrees with the FSB's criticism that crypto service providers should not only pass on the information they have to the courts, but also to investigative authorities. In this context, clear guidelines for the storage of crypto transaction data would also be needed.


In addition, the Ministry of the Interior points out that the possible law contains too few details about the procedure and custody when confiscating cryptocurrencies. In this context, the Russian tax office FNS demands that the requirements for the operation of unhosted wallets should be made stricter and that advertising for such services should be completely prohibited. The Ministry of Finance has also agreed to these demands.


However, there are also different opinions between the Ministry of the Interior and the domestic intelligence service. The FSB stipulates that all mined cryptocurrency units must be transferred immediately to licensed crypto exchanges and that anti-money laundering (AML) requirements should also apply to mining companies. The Ministry does not agree.


On the contrary, the Ministry of Finance finds that the crypto industry's "excessive and strict regulation" is not sustainable in the long term and rather turns users and investors away from it. The suggestion that banks should not be allowed to process transactions with crypto companies that are not yet licensed is therefore questionable.


As explained by Anatoly Aksakov from the State Duma parliamentary finance committee, the finished draft crypto law should be debated in parliament in May at the earliest.

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