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Russian security agency wants exchanges to partake data with crime investigators

The move comes with a proposed ban on advertising unlicensed crypto services. Russia’s Federal Security Service (FSB) and Ministry of Internal Affairs (MVD) have submitted their audit notes on the upcoming “crypto-law” being developed by the country’s Ministry of Finance. Law enforcement agencies are pushing to require crypto companies to share transaction data with investigators and clarify the conditions under which digital assets can be confiscated. On April 28, the local newspaper Izvestia reported on the content of the verification notes that the Security Service and the Ministry of Police submitted the draft bill “On Digital Currency” to the Ministry of Finance. Some of the proposals were accepted by the Ministry, while others were rejected.The Ministry of Finance backed the FSB’s proposal to force crypto service providers to share information not only with courts but also with detectives. It also agreed that a number of requirements for storing cryptographic transaction data needed to be clarified. Another comment came from the MVD, which noted that the bill lacks procedural details for seizure and custody of crypto assets. The Federal Tax Service (FNS) also contributed a proposal to tighten the requirements for unlicensed exchanges and wallets from : advertising such services would be illegal. These recommendations were also accepted by the Ministry of Finance.What the ministry did not accept was the FSB’s proposal for mandatory transaction of all mined currencies on authorized exchanges, as well as the application of anti-money laundering (AML) laws to mining. Related: Russia to include crypto in its tax legislation: Here’s what the rules could be Discussion, the ministry commented. According to the Chairman of the State Duma Financial Markets Committee, Anatoly Aksakov, the final draft of the “crypto law” is expected to be submitted to parliament in May.Last week, Reuters reported that the regional head of cryptocurrency exchange Binance has agreed to provide Russia’s financial intelligence unit Rosfinmonitoring with customer data potentially linked to donations to opposition activist Alexei Navalny. The company called this claim “categorically false” in its blog post. .

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