Russians May Need A Passport To Trade On a Crypto Exchanges

Thomas Seattle
Thomas Seattle Crypto
2 Min Read

During the Cybersecurity in Finance forum, Anatoly Aksakov, head of the State Duma Committee on the Financial Market, said that identification for working on crypto exchanges will be similar to that in banks, using a passport.

If Cryptocurrency Exchanges Are Legalized, Passport Use May Be Mandatory

The State Duma’s representative stated that crypto exchanges should operate similarly to banking infrastructures, utilizing an identification system once legalized. Additionally, the draft law on mining may include decisions regarding liability for any illegal cryptocurrency transfers upon its completion. Thus, it is essential that these measures are taken before legalizing such activities to protect consumers against potential fraudulent actions.

Crypto Exchanges Can Allow “Illegal” Transactions

Stanislav Kuznetsov, Sberbank’s Deputy Chairman of the Board, revealed that there have been unprecedented levels of illegal transfers from crypto exchanges in Russia to crypto accounts. Over ₽500 million worth of bitcoin was allowed to be withdrawn without any user validation being done. Additionally, large sums are sent out directly to Ukraine, with no identification documents even being presented! 

crypto exchanges can allow "illegal" transactions

Also, Russia May Start Using Digital Ruble Soon

During the forum, Elvira Nabiullina, head of the Central Bank of the Russian Federation, declared that safety would be a primary factor during testing for the digital ruble. She stressed that security should be ensured from the start to protect citizens’ funds kept in their wallets. “The prototype was designed with this purpose in mind,” she stated emphatically.

Nabiullina has declared that tests for realistic scenarios are in process, and the Central Bank will prioritize security issues first.

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I graduated from Lancaster University and currently working in the financial services industry. I’m a goal-driven journalist who tracks down personal and corporate finance stories and delivers on deadline and a reporter/editor with extensive experience in newspapers, magazines and the internet in public and private markets, equity and debt, M&A, banking, fintech areas.
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