Russian Bank published amendments to regulation 375-P, which is related to the signals of dubious transactions. The amended regulation mentions the list of 100 criteria, which may lead to freezing the accounts. New amendments by the Central Bank of Russia explicitly mention crypto assets in its one of the requirements to shut down accounts based on “dubious transactions”.
The changes in regulation states that banking operations, including purchase and sale of virtual currency, will be considered the ground for freezing the block account. On the contrary, there is no law in Russia to regulate virtual assets; thus, there is no legal reason which can prove digital tokens illegal.
Russia exhibits an ambiguous nature related to the crypto world. Earlier in the morning, an announcement of the completion of a pilot project for issuance of digital rights came. The serious step for adopting blockchain technology. On the contrary, the news in the evening deaccelerates the investments of crypto traders in Russia. The requirements for Anti Money Laundering compelled the banks to freeze the accounts dealing in digital assets.
The fact cannot be denied that a significant part of the blockchain industry is based in Russia. Even if authorities of the country intends to drag down the industry, exchanges are not halting to expand their services in Russia. For instance, Binance announced recently that Russian ruble could be directly utilised to buy cryptocurrency.