In 2021, the majority of illegal forex dealers identified by the Bank of Russia switched to cryptocurrencies. This was announced at a press conference on Wednesday, February 16, by the director of the department for combating unfair practices of the regulator Valery Lyakh.
According to him, they are well versed in the media space and understand which areas are most in demand now.
As the most significant risks for the future, Lyakh named social networks, which are increasingly mastered by scammers, especially given the development of metaverses.
At the press conference, they also said that last year the Central Bank identified 2,679 entities – companies, projects, individual entrepreneurs – with signs of illegal activity, including 871 entities with signs of financial pyramids.
In total, illegal immigrants were identified by 73% more than a year earlier.
In Russia, they are now discussing the fate of cryptocurrencies. On January 20, the Central Bank issued a report in which it advocated a ban on the circulation and issuance of digital currencies in Russia. The regulator proposed to introduce liability for Russian legal entities and individuals for violating the ban on the use of cryptocurrency as a means of payment. According to analysts of the Central Bank, cryptocurrencies create risks for the Russian financial market, they can carry systemic threats in the absence of restrictions and the involvement of banks and other financial organizations in the market.
The position of the Bank of Russia was not supported by departments, including the Ministry of Finance, Rosfinmonitoring and the Ministry of Digital Development. As a result, the government approved a 15-point roadmap to regulate the industry by the end of 2022.
Later, the government officially sided with the Ministry of Finance in a dispute with the Central Bank about the need to regulate cryptocurrencies, and on February 7 approved the concept of the ministry. The department, together with the Central Bank, was instructed to submit the relevant bill to the government by February 18.
It provides for the conduct of cryptocurrency transactions through Russian banks, the licensing of operators of such transactions, the introduction of limits for unqualified investors and the identification of owners of digital currencies. IP addresses that are used for transactions will be tracked. It also provides for the introduction of additional requirements for foreign crypto exchanges. The Ministry of Finance advocated the regulation of mining and is working on issues of restrictions on advertising of cryptocurrencies.
In addition, the government recommended that banks strengthen control over their clients’ money transactions by the end of November by identifying suspicious accounts and constantly monitoring transactions. Such a task was set for the Bank of Russia in the government’s roadmap for the regulation of cryptocurrencies.
Some large organizations told Izvestia that banks are already applying recommendations to strengthen control over the operations of individuals. They are directed against payments by participants in the shadow gambling business, crypto exchangers, illegal forex dealers and organizers of financial pyramids.
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