Russian Authorities Work Together to Pave the Road for International Crypto Payments

Russian authorities intend to regulate the issuance, circulation, and various operations with digital assets, including international crypto payments, by the end of 2022. The Ministry of Finance, the Central Bank of Russia, and the Rosfinmonitoring agency, have taken on the task, the financial watchdog told the daily Izvestia.

"The activities of organizations that will carry out exchange operations with digital currency, its transfer and storage, and providers of virtual asset services should be subject to regulation, including registration or licensing of such persons and their supervision," Rosfinmonitoring explained and added that their responsibilities should also include combating money laundering.

The current version of the bill "On Digital Currency", put forward by the finance ministry earlier this year and revised with input from other authorities, provides for the establishment of domestic infrastructure for crypto asset trading. Now, Russian regulators have turned their attention to the settlement mechanism for cryptocurrency payments in foreign trade.

Source: Bitcoin.com