Russia proposed to license crypto ATMs

The First Deputy Chairman of the Federation Council Committee on Constitutional Legislation and State Building, Artem Sheikin, has expressed the need to license crypto ATMs in Russia. This was reported by "Rossiyskaya Gazeta."

Crypto ATMs are devices through which users can purchase bitcoins or other cryptocurrencies instead of cash. These terminals are installed in shopping centers and bank offices.

"The development of cryptocurrencies in our country is progressing very actively, and this is undoubtedly a positive trend. However, like any area related to finance, this field is not without risks. Unfortunately, these devices are used for criminal purposes," said Sheikin.

The senator has already sent a request to the First Deputy Director of the Federal Financial Monitoring Service to clarify the legal regulation issues regarding crypto ATMs. According to him, licensing will be "an important step in curbing the use of crypto ATMs in criminal schemes and protecting the interests of our citizens."

Earlier, the president of the largest mining company in Russia, BitRiver, Igor Runets, expressed the opinion that in a couple of years, Russia could become a world leader in cryptocurrency mining.