The State Duma want to add the identification for transactions with cryptocurrencies

The use of cryptocurrencies in Russia will be available only to identified individuals. Such amendments are planned to be introduced into the draft law on digital financial assets (CFA) by the second reading.

The fact that the implementation of operations with cryptocurrencies will require the passage of special identification, said the head of the State Duma’s Financial Market Committee Anatoly Aksakov. According to him, being identified, the person will be able to get permission to transfer money from a bank account with the Central Federal Depository. The specific mechanism, as well as the authorized institution has not yet been determined.

According to the bill, the ruble is the only means of payment in Russia, but tokens can be exchanged for fiat money or currency. Making transactions with unidentified participants will be a sign of an illegal laundering scheme, Aksakov stresses.

In addition, any cryptoinstrument that has not been tested for compliance with Russian laws will be declared illegal. The deputy compares such a check with the listing on the stock exchange, but in a simplified and less expensive format.


“This mechanism will help minimize the risks of countering corruption and money laundering” – commented the initiative in the Ministry of Finance. The market believes that the obligation to pass identification will contribute to the secret recognition of cryptocurrency as a cash equivalent.

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