Crypto Exchanges Must Share User Data With Russia, Prosecutor General Demands Digital asset exchanges must be obliged to provide user information to Russia’s law enforcement agencies, the country’s Prosecutor General has insisted. The circulation of cryptocurrencies in the Russian Federation needs to be regulated to counter money laundering, the official added.
Crypto service providers should be required to register in Russia and exchanges obliged to share information about their users with Russian security services, according to the head of the nation’s Prosecutor General’s Office, Igor Krasnov.
He also believes that merely granting cryptocurrencies property status under Russian law is not sufficient to fight the legalization of criminal proceeds.
Quoted by the “Financial Security” magazine published by Russia’s financial watchdog, Rosfinmonitoring, the top prosecutor further explained that the difficult geopolitical situation increases the risks of exploiting vulnerabilities associated with digital assets.
Igor Krasnov also called for adding cryptocurrencies to the Russian criminal law, including recognizing that they can be the subject of crime and encroachment as well as establishing procedures for their seizure, storage, and confiscation by the state.
A bill on crypto mining is still under review in the State Duma, the lower house of Russian parliament.
