The Bank of Russia considers it necessary to introduce legislative regulation of the cryptocurrency exchange market in order to ensure transparency of operations and reduce the risks associated with money laundering. This proposal was made by Vladimir Chistyukhin, First Deputy Chairman of the Central Bank, at a meeting of the Federation Council Budget Committee.
He noted that there are numerous unofficial exchange offices in the country where you can purchase cryptocurrency for cash rubles, which creates conditions for the use of these platforms in questionable transactions. According to Chistyukhin, the state needs to introduce legal norms as soon as possible that not only describe the rules of such operations, but also legalize the process of exchanging digital assets.
Regulation, according to the representative of the Central Bank, will not only protect market participants, but also open the way to a more active use of cryptocurrencies in international settlements. So far, such transactions are possible only within the framework of an experimental legal regime controlled by the regulator, however, as Chistyukhin admitted, this mechanism is developing slowly.
The reasons are the availability of other more effective channels of international settlements, such as direct correspondent accounts and agency schemes, as well as the "gray" legal status of cryptocurrencies, which is why companies avoid using them even in the absence of outright prohibitions.
Finance Minister Anton Siluanov has previously spoken about agreeing with the Central Bank on the need to legalize the use of cryptocurrencies in the field of foreign economic activity. He stressed that this would help streamline and clear this segment of illegal operations. The Ministry of Finance, Rosfinmonitoring and other supervisory authorities will be responsible for the implementation of this initiative.
Thus, the Russian authorities are moving from careful monitoring of digital assets to actively shaping the rules of the game in this market. This could be a key step towards the international recognition of cryptocurrency payments and strengthening the financial security of the country.
