Russian Federal Financial Monitoring Agency opposes cryptocurrency transactions

According to Russian media, the Russian Federation’s Financial Monitoring Agency (Rosfinmonitoring) has come out against the cryptocurrency trade in Russia. Pavel Livandy, vice chairman of the Financial Monitoring Agency of the Russian Federation, spoke at the ARB conference that cryptocurrencies are high-risk speculative assets and have no real value. At the beginning of March, the head of the Russian Financial Market Committee submitted a draft bill entitled “Digital Financial Assets” that requires cryptocurrency transactions to be traded digital assets only through exchange service providers. The committee hopes this method will prevent fraudulent activities of money-laundering attempts and other financial motives. The exchange must be a legal entity operating in Russia.

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