Russian investors in cryptocurrencies will be put into a unified register that will be maintained by the Bank of Russia and the Ministry of Finance. Identification will be based on passport and ITN details. In addition, in order to be able to take part in an ICO, Russian citizens will have to undergo a specialized certification procedure, a source in the Ministry of finance revealed, as quoted by Izvestia.
The adoption of such a mechanism will make the cryptocurrency industry more transparent, the experts at the Ministry believe.
Upon registration, cryptocurrency wallets will be tied to passport and ITN details. Thus, the anonymity of cryptocurrency transactions will be eliminated. Biometrics will be used as additional identification means.
The Russian Association of Blockchain and Cryptocurrency (RABAC) advocates the creation of the register as well.
“Regulators quite rightly oppose the ICO-related anonymity. But nowthis issue is widely approached through the implementation of KYC procedure,” – the Head of RABAC Yuri Pripachkin explained. “This is the same procedure used in the banking system. The register will exclude anonymity of investing in various crypto projects and ICOs.”
According to Pripachkin, as of today, there are about 2 million cryptocurrency investors in Russia. RABAC’s forecast is that their number will reach 3 million by the end of the year, whereas already next year there will be twice as many of them.
As reported earlier, RABAC has been developing a safeguards system of standards for investors into ICOs in cooperation with Globex, the subsidiary bank of VEB (Bank for Development of Foreign Economic Affairs). The project envisages the creation of ICO-hub based on CrowdHub platform that will safeguard the investments into crypto-startups.