Ilya Bushmelev has suggested that based on the results of the pilot, financial lenders should have a basic understanding of the necessary actions and tools for conducting crypto-compliance. The pilot, initially scheduled to conclude by the end of May, may be extended depending on the results.
The primary objective of the pilot is to establish a foundational understanding of the required actions and tools for financial institutions in terms of crypto compliance. This encompasses procedures such as “know-your-crypto-client” and “know-your-crypto-transaction”.
However, as of now, it is uncertain whether the pilot has yielded positive insights. This initiative is part of Russia’s ongoing efforts to navigate the complexities of the crypto landscape.
Despite this, there have been no public announcements regarding the outcomes of the pilot so far. It remains unclear whether Russia’s central bank and Rosfinmonitoring are specifically targeting transactions associated with Garantex or aiming to identify all crypto activity within the traditional finance sector.