Russia’s Financial Guard Wants Global Crypto Exchange Regulations
According to Local media, Russia’s Financial regulator is seeking the intervention of a global financial watchdog to regulate cryptocurrencies. They want to put a Global Crypto Exchange Regulations in place.
The Russian financial regulatory organisation contacted the Financial Action Task Force (FATF) to request an intergovernmental initiative that could control the supply and flow of cryptocurrencies.
The Deputy Director of FMS, Pavel Livadny, confirmed that they are endeavoring to secure the participation of all the FATF member countries to design a unified legal scope for the industry.
Decentralized assets like bitcoin can be purchased, sold or exchanged semi-anonymously without a central authority’s approval. Its use in some crimes, including drugs trafficking and money laundering has been a topic of discussion making it very hard for Crypto to be widely accepted. The cases alerted agencies across the world, leading them to develop legal provisions to regulate the crypto industry.
FATF in June announced that it would build global-binding policies for cryptocurrency exchanges. Russia is among those 36 FATF members that are building regulatory frameworks for their local crypto industries.