Putin Asks Russia’s Prosecutor General to Combat Illegal Cross-Border Crypto Transfers – Regulation Bitcoin News

The Russian President held a meeting with the General Prosecutor’s Office that brought cryptocurrencies to the discussion table. Vladimir Putin has raised red flags to take measures to prevent illegal activity in cross-border transfers using cryptos.

Putin calls on other bureaus to join the fight against the use of crypto for illegal purposes

According to a protocol posted on the Kremlin’s official website, Putin believed that the Prosecutor General’s Office should continue to work to strengthen financial oversight. That being said, the Russian President pointed directly to cryptocurrencies:

There is one more point – fairly new but essential: taking additional measures to suppress the illegal cross-border movement of digital financial assets. Criminal elements are increasingly using these digital financial assets and this certainly needs to be carefully considered with colleagues from other departments, including financial oversight.

Financial Monitoring or Rosfinmonitoring is the Russian government agency responsible for overseeing all matters related to the fight against money laundering in the country.

According to the Kremlin press office, Putin’s meeting with the Prosecutor General was held to review the results of their work in 2020.

Putin’s recent regulatory moves on cryptos

For the past few months, the Russian President has been involved in regulatory matters in the crypto space. Putin signed the Law Regulating Transactions in Digital Financial Assets (DFA) in August 2020.

One of the mandates provides that individuals and legal entities in Russia can only contest crypto transactions in court if they have declared these transactions and their possession of cryptos.

It was approved by the State Duma, the lower house of the Russian Parliament, on July 22nd, and by the Federation Council on July 24th. The law came into force on January 1, 2021.

Also, in December 2020, Putin signed an order forcing the country’s government employees to disclose their cryptocurrency holdings. The decree stipulates that employees must provide details of where they bought the digital assets and what value they have by June 30, 2021.

What do you think of Vladimir Putin’s warning? Let us know in the comments below.

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