The leading world economies have developed a strategy for regulating cryptocurrency exchanges, which they intend to consider as commercial banks and establish appropriate rules.
The strategy was developed by the International Organization for Countering the Legalization of the Proceeds of Criminal Proceeds called FATF and it includes 35 countries.
The findings were reviewed and agreed by the participants of the last meeting of the FATF member countries and are likely to be approved by each country. It proposes a step designed to stop criminals and terrorists using cryptocurrency in illegal transactions which includes tightening up the rules for cryptocurrency exchanges.
Argentina, Australia, Austria, Belgium, Brazil, Canada, China, Denmark Finland, France, Germany, Greece, Iceland, India, Ireland, Israel, Italy, Japan, Republic of Korea, Luxembourg, Malaysia, Mexico. Netherlands, New Zealand. Norway, Portugal, Russian Federation, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States take part in the FATF.
Answering the questions of the State Duma deputies, the head of the financial market committee Anatoly Aksakov said “a new draft law on cryptocurrencies will be proposed as part of cooperation with the FATF commission.” According to Aksakov, “in this area we must act carefully.”
On May 22, 2018, the State Duma adopted in its first reading the draft law “On digital financial assets” developed by deputies. It introduces the definition of digital financial assets, which include cryptocurrency and token, as well as legally binding a new type of contract concluded in electronic form – smart contract, execution obligations under which is carried out using digital financial technology. According to the bill, cryptocurrency and token are property and the key differences between them are determined on the basis of the sign of one issuer (token) and a set of issuers / miners (cryptocurrency), as well as the purpose of the issue.