Bank of Russia Moves to Safeguard Crypto Companies Against Sanctions.
16 Dec 2022, 08:00
Bank of Russia Moves to Safeguard Crypto Companies Against Sanctions
The Central Bank of Russia has introduced measures to protect entities working with digital assets from sanctions pressures. These businesses will be exempted from some reporting requirements as part of a regulatory relief intended to minimize the burden on financial organizations.
Russia’s Central Bank Eases Supervision of Digital Asset Platforms Amid SanctionsThe Central Bank of the Russian Federation (CBR) has allowed issuers of digital financial assets (DFAs) not to disclose information sensitive in the light of sanctions risks. The exemption, valid until July 1, 2023, concerns data revealing the beneficial owners of such entities.
According to an announcement quoted by Russian crypto media, the temporary reporting relief is part of a package of measures meant to help persons and organizations operating within the Russian financial market infrastructure.