Head of Investigative Committee Calls for Necessary Identification of Cryptocurrency Customers in Russia

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Russians using cryptocurrencies should not remain anonymous, the man who heads Russia’s federal investigative agency has recently stated. The official leading government anti-corruption efforts called for additional regulations, including the introduction of mandatory identification for those trading digital coins.

Official Anti-Corruption Agency Pushes Rules to Mitigate Risks of Using Cryptocurrency for Illegal Purposes

Alexander Bastrykin, head of the Investigative Committee of the Russian Federation, believes that people using cryptocurrencies should not remain anonymous. The senior official shared his opinion in an interview with the government-published Rossiyskaya Gazeta.

“I have previously pointed out that in connection with the July 2020 passage of the federal law ‘On Digital Financial Assets’, additional risks of using digital currencies for criminal purposes, particularly for financing terrorism and extremism, may arise,” said Bastrykin, a former deputy Prosecutor General of Russia said the official newspaper. He stated:

Therefore, the circulation of digital currency requires further legal regulations – first of all, a mandatory identification of the users of such a currency is necessary.

The status of online platforms that offer opportunities to buy and sell cryptocurrencies anonymously is also yet to be determined, Bastrykin noted. Websites offering crypto exchange services have faced many problems with Russian regulators and the judiciary in recent years.

Digital coin trading is one of a number of crypto-related activities that fall outside the scope of current digital asset legislation. A working group set up at the State Duma, the lower house of the Russian parliament, is now preparing regulatory proposals to deal with the outstanding issues.

The Investigative Committee is Russia’s main federal investigative and anti-corruption agency, reporting to the Russian President. It is responsible for fighting corruption and conducting investigations at federal, local and law enforcement agencies.

In August, President Vladimir Putin signed a decree approving the country’s National Anti-Corruption Plan for 2021-2024. As part of the new strategy, the Russian head of state has ordered several ministries and the central bank to prepare inspections of officials who are required to disclose their holdings of digital assets.

Speaking to RIA Novosti in December 2020, Alexander Bastrykin insisted that cryptocurrencies should be recognized as property for the purposes of criminal law and criminal proceedings. He emphasized that this is a necessary prerequisite for solving criminal cases involving digital currencies. For example, bribery and embezzlement. In November 2021, Russia’s Prosecutor General’s Office proposed defining cryptocurrency as property in the country’s criminal code.

tags in this story

Alexander Bastrykin, Anonymity, Anti-Corruption Authority, Crypto, Crypto Exchange, Crypto Platforms, Crypto Regulations, Crypto Trading, Cryptocurrencies, Cryptocurrency, Exchange, Owner, Identification, Investigative Authority, Committee of Inquiry, Owners, Regulations, Russia, Russian, Trade, Users

What do you think of Alexander Bastrykin’s proposal to introduce mandatory identification of cryptocurrency users in Russia? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchen’s quote: “Being a writer is what I am, not what I do.” Along with crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

Photo credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer, or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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