Russia Crypto Regulation Tightens as Moscow’s AML Agency Declares Crypto Isn’t Private
The post Russia Crypto Regulation Tightens as Moscow’s AML Agency Declares Crypto Isn’t Private appeared first on Coinpedia Fintech News
As crypto continues to grow worldwide, Russia is tightening its grip on how it’s used and tracked. From banning USDT to nabbing illegal crypto mining in the country, they are making sure that crypto is safe from scams. The country’s anti-money laundering agency, Rosfinmonitoring, has made it clear to the Russian citizens that crypto transactions in the country are no longer as private as people think. Despite crypto exchanges having no legal recognition in the country, they’re already handing over customer data to law enforcement, with no need for a court order.
Crypto Anonymity Is a “Myth,” Says Official
Speaking at the St. Petersburg International Legal Forum, Olga Tisen, Rosfinmonitoring’s legal head, said that Russian crypto exchanges are actively sharing wallet owner data with authorities upon request. She emphasized that the idea of crypto transactions being anonymous is outdated, especially as these platforms aim to align with future regulations.
No Court Order? No Problem
Tisen says crypto data in Russia isn’t protected like bank information, so the police can get their hands on it pretty easily, no court order needed. Some exchanges even mention on their websites that they’re working with law enforcement, which might sound surprising, but it actually lines up with global anti-money laundering standards. Even though crypto still operates in a bit of a legal gray area in Russia, these platforms seem to be playing it safe and following stricter rules ahead of time.
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