Russia May Suspend Bank Accounts Associated With Crypto-Assets
Login

Russia May Suspend Bank Accounts Associated With Crypto-Assets

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:
In May 2019, the Russian Prime Minister announced at the St. Petersburg International Legal Forum that digital assets are “not applicable” and that their popularity has “waned,” according to BeInCrypto Russia. Many attribute this to the fact that the government is not purposeful on blockchain technology and its supervisory territory.

This does not appear to be the situation since the country’s central bank has officially added “virtual assets” as a basis for suspending bank accounts. It is still unknown whether this will be the beginning of an extensive crackdown on cryptocurrency owners, but the situation is causing unease.

The recent news is from a fresh adjustment to the Anti-Money Laundering Regulations (AML) in the country. The fresh adjustment of the Central Bank of Russia categorically alludes to crypto assets on their basis for suspending accounts.

AML regulations in Russia have not been revised after 2012. Now the adjustment says that the buying and selling of virtual assets may be treated as a basis for suspending bank accounts. Changes have been expected for some time, and the legal scenario with cryptocurrencies in Russia is quite uncertain – for example, whether any bank accounts related to cryptocurrencies were suspended.

Russia’s Latest AML Regulations Inhibits Blockchain Adoption
The fresh adjustment to extant AML regulation is a shock to those who are following Russia’s policies, as the Russian Central Bank is switching to cryptocurrencies and now says that bank accounts related to virtual assets may be suspended.

By throwing light on the fresh AML regulations in Russia, the country’s central bank is opening the authority to suspend cryptocurrency associated bank accounts. Referring to the adjustment declared in Rule 375-P, such accounts may be classified as “suspicious transactions”. [RBC].

However, for instance, a big fragment of the blockchain industry is situated in Russia, state authorities seem to intend to deal with this sector. Meanwhile, this did not stop the exchanges from extending their services in Russia. Recently in the month, Binance declared that Russians can now purchase cryptocurrencies straight utilizing the Russian ruble.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News