Baku, Azerbaijan, Sept. 29
By Huseyn Valiyev - Trend:
International organizations will be probably persistently recommending participating countries to accelerate the introduction of cryptocurrency regulation until the end of 2018, head of the Electronic Money Association, senior researcher at St. Petersburg State University, Victor Dostov told Trend Sept. 29.
He said that many countries will accelerate the process of introducing cryptocurrencies in one or another legal field.
“It is still unknown how this will be regulated, but only one thing is clear - this issue will not be left aside,” he noted. “Perhaps in some countries a liberal approach will be applied, in another country the use of cryptocurrencies will be completely prohibited, but the introduction of standards will become mandatory in the near future. A situation where there are no such norms at all will be declared inacceptable.”
In addition, it is expected that by the end of the year there will be new international recommendations on combating money laundering and the financing of terrorism, he added.
“In this regard, we also hope that there will be a number of essential components,” he said. “First of all, remote forms of identification will be supported. The current recommendations consider personal presence preferable to remote identification. In this regard, there will also be changes and the priority of personal presence will decline. Many countries have already allowed the remote opening of accounts in the form of video conferencing and/or using population databases, the practice showed the reliability of these mechanisms and the recommendations of international institutions must reflect this.”
He said that in Russia, just like in many other countries, there are no methods for regulating cryptocurrencies and blockchain technology, although some attempts are being made.
“There is a bill describing basic concepts, for example, tokens, etc.,” he noted. “I would say that this is the first attempt, which is only being discussed, and it is too early to talk about any regulation.”
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