Only banks and exchanges will be allowed to enter the cryptocurrency market in Russia legally, the country’s Deputy Finance Minister Alexey Moiseev said on Monday.
The concept of the regulatory framework for cryptocurrencies, designed by the Cabinet of Ministers, “provides for the traceability of cash flows and crypto transactions, as well as the identification of users,” Moiseev explained to reporters, according to RIA Novosti.
Banks and exchanges “will be required to comply with all requirements of anti-money laundering legislation” and “those who do not want to use legal opportunities will be subject to appropriate liability measures,” he added.
