Russian authorities plan to control the blockchain industry with the support of the Financial Action Task Force (FATF), an inter-governmental body that fights money laundering
Dmitry Peskov, Russia President’s special representative in the sphere of digital and technological development, in an interview to state TV channel Russia 24 talked about plans to regulate the crypto market. The government intends to oversee the industry along with the Financial Action Task Force (FATF).
Peskov explained that the decision is motivated by high risks of crypto space, and the appearance of financial pyramids, as an example. He reminded that cryptocurrencies came to life from the idea they are not controlled by governments, hence he gets surprised when somebody picks a bone with Russia’s Central Bank about the agency’s inability to regulate digital money.
According to Peskov, the ecosystem has evolved faster than laws. This rapid growth has complicated the emergence of a comprehensive legislative framework. It is likely that a cumulative effort to create a standalone legal base is needed, similar to antimonopoly regulation 100 years ago.
Earlier, FATF reported it was preparing the rules for inter-governmental organisations to combat money laundering. The body expects to unveil them in October-December this year. In September the Russian authorities stated the country will employ FATF measures to control the crypto market.