This week in ActuRegulation:
- The Russian Government denied by the Financial Action Task Force on Money Laundering
- Liechtenstein tightens regulations on the blockchain
According to recent reports, Vladimir Putin’s Russia has postponed the adoption of crypto legislation. The Financial Action Task Force on Money Laundering (FATF) has reportedly instructed Russian authorities to broaden “the terminology of the federal bill on the regulation of crypto assets”.
It was back in February that President Vladimir Putin did put in place a deadline for the state to adopt digital assets regulation by summer 2019.
Apparently, FATF is also requiring the Russian government to expand and legislate major blockchain industry terms like cryptocurrencies and bitcoin (BTC).
Prior to this order Vladimir Putin and the Russian government had already passed the country’s major crypto bill in regards to Digital Financial Assets (DFA). However, a review was ordered by the FATF due to lack of major key concepts such as tokens, Cryptocurrencies, and mining.
Fortunately. Anatoly Akskov, Chairman of the State Duma Committee on Financial Market assured that the needed terms will be included in the DFA or written in a separate bill.
He went on to explain that some Russian Lawmakers restrained from using some terms in the bill compliance with a “certain position” of Russia’s Central Bank.
Liechtenstein authorities have recently set in motion new laws in regards to virtual assets service provider, tokenization and blockchain technology.
According to reports, the new guidelines will ameliorate investors’ protection, fight money laundering and most importantly promote transparency within the blockchain. In addition, according to an official press release, the new laws will put a huge emphasis on tokenized securities.
Officially known as the “Token and VT Service Providers Act”, it will advance the concept of digital token systems being used to tokenize real-world assets. Additionally, the Act will regulate “ transaction systems based on trust technologies”.
Liechtenstein government hopes that the new set of guidelines will yield “an adequate regulatory environment that counters risks, provides regulatory clarity and facilitates the development of the token economy” by creating “new opportunities in the areas of financial services, logistics, mobility, the energy industry, industry, and the media”.