Russia to identify local crypto investors

As the Russian media tells, two local bankers, a source in the Central Bank and another anonymous individual with close ties to the Finance Ministry have confirmed the existence of the plans about the state registry of cryptocurrency and token investors.

Russian investors will have to disclose their personal data (the passport and the Taxpayer Identification Number) to this register in order to participate in the local ICOs and operate on the local exchanges. The press notes that the measure is not necessary for those planning to work with foreign ICOs and platforms. There are also mentionings of some supplementary certification procedures.

The registry is clearly being made as an alternative to the older, much less prudent plans to allow crypto investments only to qualified investors. In Russia, a qualified investor should possess several millions of rubles, have an economic higher education or credible certificate (CFA, CIIA or FRM), and 2-3 years of work experience in an investment company.

Officials explain this new initiative by saying that they have to counter crypto money laundering. They are openly supported by some local bank managers. Other interviewed experts note that this legal measure has its loopholes, as someone would certainly make an official wallet compliant with the state rules and then simply open another one the existence of which would not be known to anyone.

Interestingly, the reports on this theme contain info on yet another delay of the implementation of the Russian law on digital assets: now sources tell it would be activated only in autumn this year.