Russia to Establish Special Agency for Crypto Licenses

04/28/2023 08:37 • Digital Disruptors • 93 views

On April 28th, Alexey Moiseyev, Deputy Minister of Finance of Russia, announced that Russia will establish a special agency responsible for issuing licenses for operators to use cryptocurrencies in international settlements. The committee will include experts from various ministries, central banks, and law enforcement agencies, and will also introduce special legal systems for the settlement experiment.

Russia will establish a special agency to issue encryption licenses to international settlement operators

Cryptocurrencies have been gaining popularity in recent years and many countries are now taking steps to regulate their use. On April 28th, it was announced that Russia will be establishing a special agency responsible for issuing licenses for operators to use cryptocurrencies in international settlements. This move is a significant step in the regulation of cryptocurrencies in Russia and may have implications for the global cryptocurrency market.

What Led to the Establishment of the Agency?

The decision to establish the agency was made in response to the growing use of cryptocurrencies in international settlements. According to Alexey Moiseyev, Deputy Minister of Finance of Russia, the agency will be responsible for issuing licenses to companies that wish to use cryptocurrencies in cross-border transactions. The aim of this move is to ensure that the use of cryptocurrencies is regulated and that they are not used for illegal activities such as money laundering.

Who Will Be Part of the Committee?

The committee that will oversee the issuance of licenses will be made up of experts from various ministries, central banks, and law enforcement agencies. The composition of the committee will ensure that the use of cryptocurrencies is regulated in a manner that is consistent with the laws of the country.

What Special Legal Systems Will Be Introduced?

The establishment of the agency will also see the introduction of special legal systems that will be used in the settlement experiment. The aim of these legal systems is to ensure that transactions carried out using cryptocurrencies are secure and that they are not used for illegal purposes such as financing terrorism.

Implications for the Global Cryptocurrency Market

The establishment of the agency by Russia may have implications for the global cryptocurrency market. It shows that countries are taking steps to regulate the use of cryptocurrencies and that they are taking them seriously. This may lead to an increase in the adoption of cryptocurrencies by businesses and individuals, as they will be more likely to trust the technology if it is regulated.

Conclusion

The establishment of a special agency by Russia to regulate the use of cryptocurrencies in international settlements is a significant move in the regulation of the cryptocurrency market. This move may have implications for the global cryptocurrency market and may lead to an increase in the adoption of cryptocurrencies. It is important that other countries follow suit and take steps to regulate the use of cryptocurrencies to ensure their safety and security.

FAQs

Q: What is the aim of the agency?
A: The agency aims to regulate the use of cryptocurrencies in international settlements to ensure that they are not used for illegal activities such as money laundering.
Q: Who will be part of the committee overseeing the issuance of licenses?
A: The committee will be made up of experts from various ministries, central banks, and law enforcement agencies.
Q: What special legal systems will be introduced?
A: The establishment of the agency will see the introduction of special legal systems that will be used in the settlement experiment to ensure that transactions carried out using cryptocurrencies are secure and that they are not used for illegal purposes such as financing terrorism.

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