Russia Revises Crypto Transfer Blocking Mechanism, Removes Public Violator Lists
The Russian State Duma's financial market committee has removed public lists of violators from a bill on blocking transfers linked to illegal crypto turnover, replacing them with the concept of 'unauthorized recipient'. Each bank will define the criteria in internal rules, and the bill is scheduled for second reading on July 21.
The Russian State Duma's Committee on the Financial Market has proposed changes to the mechanism for blocking transfers associated with illegal cryptocurrency turnover. Ahead of the second reading, the committee removed public lists of violators from the document.
Instead, the bill introduces the concept of an 'unauthorized recipient'. However, the legislation does not establish specific criteria for what constitutes an unauthorized recipient. Each bank will be required to define these criteria in its internal policies.
The State Duma plans to consider the bill in its second reading on July 21.
Source: ForkLog