The Russian federal financial authority Rosfinmonitoring (RFM) will oversee and register ICO startups, exchanges, crypto services, and even blockchain wallet operators in the country, RBC reports.
According to the authority, the agency is ready to comply with the long-awaited domestic Financial Action Task Force (FATF) rules to fight money laundering on the web.
All 140 member states of the FATF will soon update their existing financial laws to make it mandatory for cryptocurrency-linked businesses including digital assets exchanges, initial coin offerings (ICOs) and others to obtain the relevant licenses from regulators and conduct robust know-your-customer (KYC) anti-money laundering (AML) procedures, RFM said.
According to the agency’s head Pavel Livadniy, control over the domestic cryptoeconomy would increase investor protections, as well as the transparency of the whole industry. He cast the shift as a bid to “return trust.”
He added that FATF would introduce intensified licensing measures, i.e. the registration and accounting of all crypto-related businesses. Furthermore, he said transfers worth more than 600,000 rubles (roughly $9,150) are likely to trigger an investigation.
The official commented that cryptocurrencies were set to be defined as a “legit tool of payment and investment,” however Russians can no longer move large sums of coins around with no repercussions as such activities will be considered business-related going forward.
Last week, it was reported that cryptocurrencies were originally set to be excluded from FATF’s coming virtual economy rules. Now, officials are signaling that they will, in fact, use the coming legislation to formalize monitoring on Russian cryptocurrency users and enterprises.
Erdogan says he will not declare ceasefire in northern Syria
Turkish President Recep Tayyip Erdogan has made it clear to U.S. President Donald Trump that Turkey will never declare a ceasefire in northern Syria and will not negotiate with Kurdish forces it is fighting in its offensive into the region.
Turkey forged ahead with its offensive against the Syrian Kurdish YPG militia in northern Syria on Tuesday despite U.S. sanctions and calls for it to stop, while Syria’s Russia-backed army moved on the key city of Manbij that was abandoned by U.S. forces.
The YPG, the key component of the forces who fought Islamic State, is seen by Ankara as a terrorist group linked to Kurdish separatist insurgents in Turkey.
On Monday, Trump announced sanctions on Turkey to punish it for the offensive. On Tuesday, a senior U.S. official said Washington would threaten more sanctions to persuade Turkey to reach a ceasefire and halt its offensive.
However, speaking to reporters on a flight back from Baku, Erdogan said the offensive would continue until it reaches its aims, and added that he was not worried about sanctions.
Woman killed in Russian apartment building blast
A woman died and other young woman sustained injuries when a five-story building partially collapsed following an explosion in Russian village of Novonezhino.
Around 17 apartments were damaged when the ceiling slab, wall and the stair case of the building collapsed, Emergency Department said.
“The people were evacuated, 17 apartments were damaged. Seven elders have been transferred to temporary accommodation center,” the authorities said.
Rescue crews were searching for people who are believed to be trapped under the rubble. Rescuers were assisting the residents save their pets and belongings from the damaged apartments.
Greek Church recognizes autonomy of Orthodox Church of Ukraine
The leading figures of the Church of Greece decided at a meeting this weekend to recognize the autocephalous Orthodox Church of Ukraine (OCU), making it the first of the Eastern Orthodox churches to take such a step.
The Holy Synod of the Church of Greece recognized the autonomy of the Orthodox Church of Ukraine in line with a request by the Istanbul-based Ecumenical Patriarch Vartholomaios
The Orthodox Times says the Greeks’ formal recognition will take place October
19 in Thessaloniki, with Archbishop Ieronymos and the OCU’s Metropolitan
Epifaniy of Kyiv and All Ukraine present.
The Patriarchate of Constantinople, generally considered the spiritual headquarters for Orthodoxy, granted the Orthodox Church of Ukraine independence in January in a move that was adamantly resisted by Moscow and the Russian Orthodox Church. The new Orthodox Church of Ukraine installed its first metropolitan, Epifaniy, at a ceremony in Kyiv on February 3 in a process that further established the new church body’s independence
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