Reports out of Russia indicate the country’s legislature is looking to tweak existing know-your-customer (KYC) regulations for trading in Bitcoin and other cryptocurrencies. Regulators say the move forms part of the fight against money laundering and other illegal financial transactions. The proposed amendment comes as the country’s parliament is in the process of developing a comprehensive regulatory framework for cryptocurrencies.

Outlawing Anonymous Bitcoin Trading

According to a local Russian media outlet, Izvestia, the State Duma (Russia’s parliament) plans to introduce a bill which amends the KYC requirements for cryptocurrency transactions. This amendment stipulates that all cryptocurrency transactions follow strict compliance of the same identification requirements of other financial transactions.

Commenting on the details of the new KYC paradigm, Anatoly Aksakov, the Chairman of the Financial Markets Committee at the State Duma said:

“Without scaling through an identification process, users will not be able to…

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