We have introduced measures dealing with digital assets from sanctions pressure. These companies will be exempt from some reporting requirements as part of deregulation aimed at minimizing the burden on financial institutions.
Russia’s Central Bank eases supervision of digital asset platforms amid sanctions
The Central Bank of the Russian Federation (CBR) The issuer (DFA) shall not disclose confidential information in light of sanctions risk. The exemption, valid until 1 July 2023, concerns data revealing the beneficial owners of such entities.
According to a announcement cited by Russian crypto media, temporary reporting mitigation is a series of measures to assist individuals and organizations operating within the Russian financial markets infrastructure. is part of the measures of
Russia does not yet regulate cryptocurrencies like Bitcoin, but existing laws “on digital financial assets” allow companies to issue coins and tokens in a controlled environment. Yes. Three “information system operators who can issue DFA” have already been licensed by CBR. These are Sber, Russia’s largest bank, Atomyze, a tokenization service, and Lighthouse.
In a press release, the Bank of Russia stated that the regulatory and supervisory relief provided to financial market participants and DFA issuers since the beginning of the year would be effective in the current economic and geopolitical climate.
The Russian government and businesses have been criticized by Western powers over Russia’s decision to invade neighboring Ukraine in late February. has been targeted for further sanctions by Penalties severely limit access to global finance and markets.
Proposals to legalize the use of cryptocurrencies in international payments to reduce sanctions pressure are supported by Russian institutions, including the Central Bank.
CBR argued that the support provided to financial institutions, including DFA issuers and exchange operators, has mitigated the adverse effects of the restrictions and enabled them to adapt to the new conditions. Regulators are planning additional steps in the same direction, including amendments to allow recognition of losses from sanctions.
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