🔸 The special report of the Financial Information Center on handling suspicious financial flows and money laundering in cryptocurrencies

🔸 The special report of the Financial Information Center on handling suspicious financial flows and money laundering in cryptocurrencies

The Financial Information Center of the Ministry of Economy and Finance, in response to speculation about regulatory gaps in the crypto currency field, announced that it will increase monitoring of trading venues and identify and address suspicious and destructive financial flows, and will send a comprehensive report to this market organization by presenting operational proposals for the 9th year in June.

🔹 Conditional licensing for cryptocurrency exchanges with a requirement for wallet transparency, provision of bank guarantees and insurance to exit the unauthorized space and be under effective supervision, were among these proposals.

Also, strengthening legal frameworks by removing ambiguities in the definition of basic concepts in existing laws and regulations, and at the same time strengthening the required supervision, was proposed as an additional axis for this report.

In another part of this proposal package, emphasis is placed on launching a blockchain monitoring unit to monitor transactions of networks related to local exchanges. Additionally, a centralized system design for registering valid wallets on exchanges, in terms of privacy protection and international standards, was proposed to reduce the risk of money laundering.

Based on this, the proposal to establish a special working group with companies of regulatory institutions and officials with the required executional authorities for organizing the cryptocurrency field and eliminating regulatory gaps in technical, financial, and legal aspects was raised and placed on the agenda.