Bank of Russia to Monitor Bank Transactions with Cryptocurrency Exchanges – Bitcoin News

According to local media reports, the Central Bank of Russia has started to inspect the operations of Russian banks through cryptocurrency exchanges. Transactions between individuals via these platforms are of particular interest, as regulators consider these transactions to be a risk of financial loss and fraud.

Central Bank Asks Russian Banks for Details of Crypto-Related Transactions

In late December, the Central Bank of Russia (CBR) send A new transaction report form for commercial banks to find information on money transfers associated with cryptocurrency trading websites. These are mainly payments between private individuals, including transactions of cards and wallets registered in the names of fake people.

The regulator is asking banking institutions to provide details about their interactions with cryptocurrency exchanges such as btc-obmennik.com, cleanbtc.ru, 100bitcoins.com, ultrachange.biz, 1wn.kz, cryptex24.com, openchange.cash, xchange, and others. Cash, vexel.com and betatransfer.org, according to a new report by Kommersant.

Citing sources from the crypto industry, the leading business daily claims that there are now more than 400 crypto exchanges serving Russian residents on the Internet. Their estimates put the monthly volume of the OTC cryptocurrency market in Russia and neighboring countries at around $1.3 billion. The Russian Federation accounts for about half of the total.

Cryptocurrency exchangers often list the names and logos of established financial institutions and payment providers on their websites, such as Sberbank, VTB, Tinkoff Bank, Western Union, Webmoney and Koronapay as their partners. Two of them, Webmoney and Koronapay, have denied any cooperation with the coin exchange.

Cryptocurrency exchanges can operate without registration, says CBR

The Bank of Russia noted that the exchange provides services for buying and selling cryptocurrencies without registering their activities or incurring any financial obligations to customers. At the same time, the transactions were conducted anonymously without research on their purpose and sources of funding to assess risks such as money laundering.

monetary authority, with its tough stance Regarding cryptocurrencies, he also noted that transaction sites often do not accept payments to their physical accounts, but rather to bank cards and digital wallets issued by individuals. The watchdog warned that this “creates the risk of citizens losing money and participating in fraudulent schemes”.

in the most recent interview The status of the online platform that offers the option to buy and sell cryptocurrencies anonymously has not yet been determined, Alexander Bastrykin, chairman of the Russian Federal Investigative Committee, said in the government-issued newspaper, the Russian Gazette. He also called for the introduction of mandatory authentication for all cryptocurrency users in Russia.

Authorities have been tracking down cryptocurrency exchange In the past few years. Part of the problem is that a range of cryptocurrency-related activities, including trading, remain unregulated, even after the passage of the law “On Digital Financial Assets.”One working team Parliament is now preparing proposals to fill the void.Discussions on future of crypto exchanges should end in 2022, Deputy Director Rosfin Monitoring Watchdog Herman Neglyad is lead As said last month.

Do you want Russia to regulate or crack down on online cryptocurrency exchanges? Share your thoughts on the topic in the comments section below.

Lubomir Tasev

Lubomir Tassev, a journalist from tech-savvy Eastern Europe, likes Hitchens’ famous quote: “Being a writer is who I am, not what I do.” Beyond crypto, blockchain and fintech, international politics and The economy is two other sources of inspiration.