Anonymous wallet deposits ban: a foretaste of December?

Wednesday 05 August 2020, 8:01 AM AEST - 1 month ago

Anonymous wallet depositsAnonymous wallet deposits ban: a foretaste of December? 19

In what can be said to be a kick against money laundering and financial fraud, the Russian government championed by the legislature has placed a ban on anonymous wallet deposits in the country.

The passage of the ban is separate from the actual regulatory framework for the crypto industry set out in the bill On Digital Currency, or DA, which Russian authorities will decide in December. A comment made was that the results of this legislation may eventually come as a surprise.

Russia needs to regulate crypto in a way that it does not interfere with their financial sovereignty. Although positive in outlook, regulations related to crypto alarms those who do business related to cryptocurrencies.

Russia is set to prohibit crypto payments next year, following a new law signed by the Russian President. This stems from the governments recent statement that the legalization of crypto activities poses certain risks. However, as an alternative, the law endorsed transactions with so-called digital financial assets (DFA), which are tokenized securities.

10 million crypto users in the country affected

Russia has been pondering over the idea to regulate crypto in a way that it does not interfere with their financial sovereignty, however despite numerous rumors from time to time about positive regulations, the governments stance has been quite passive.

Reportedly, the move would harm over 10 million crypto users in the country. However, the lawmakers in a statement released remained adamant about curbing financial fraud alongside other illegal activities like drug trading, terrorism, among others, through crypto.

With the ban on anonymous wallets deposits in Russia, citizens and residents are no longer enabled to deposit cash for cryptos any ...

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