CSTO parliamentarians to approximate legislation to combat uncontrolled proliferation of virtual assets

The CSTO Parliamentary Assembly adopted Recommendations to Counter Risks of Uncontrolled Proliferation of Virtual Assets.
Financial Action Task Force (FATF, acting under the aegis of the United Nations) documents state that “virtual currency payment products and services present money laundering and terrorist financing risks and other crime risks that must be identified and mitigated,” recalled Aleksandr Markevich, Chairman of the CSTO PA Standing Commission on Socioeconomic and Legal Issues, member of the Standing Commission on Security of the Chamber of Representatives of the National Assembly of the Republic of Belarus, while presenting the Recommendations to Counter Risks of Uncontrolled Proliferation of Virtual Assets.
Aleksandr Markevich also recalled that the FATF documents note the need to assess the risks of cryptocurrency-based payment products, and based on such assessment states should decide on the extent of cryptocurrency circulation regulation.
“The issues addressed in the Recommendations prepared by Rosfinmonitoring, an official partner of the CSTO Parliamentary Assembly and the Collective Security Treaty Organization, “are related to the development of legal means of undermining the economic foundations of crime and closing off channels for terrorist financing.
The CSTO States have found the most desirable model for counteracting the risks of uncontrolled proliferation of virtual assets from the point of view of FATF documents," Aleksandr Markevich stressed.