Konstantin Tolkachev: "Regulation of crypto currency market will create barriers for corruption and terrorism development"

UFA, 30 May 2018. /Bashinform News Agency, Galiya Nabieva/ translated by Tatiana Aksyutina/. The State Duma adopted in the first reading a draft federal law “On Digital Financial Assets”, which introduces a definition of such assets in the form of a cryptocurrency and a token, regulates a procedure for their circulation. The bill gives definitions of such concepts as digital recording and digital transaction, and also establishes legal grounds for carrying out such activities as creating a cryptocurrency or receiving remuneration in the form of a cryptocurrency. In April, at a meeting of the Council of Legislators of Russia, held in St. Petersburg, the proposal to introduce state control over operations with cryptocurrency was introduced by the Speaker of the Bashkortostan parliament Konstantin Tolkachev, who chairs the Commission on Legislative Support of National Security and Anti-Corruption in the Council of Legislators. The initiative was announced in the presence of the Federation Council Chairman Valentina Matviyenko and State Duma Chairman Vyacheslav Volodin.

The bill adopted by the State Duma in the first reading correlates with proposals prepared by the Commission in the Council of Legislators. The bill envisages the implementation of all transactions with the cryptocurrency through special operators, which can only be legal entities created in accordance with the legislation of the Russian Federation. This will reduce the risks of digital financial assets owners, create barriers to the laundering of proceeds from crime and terrorism financing.