Russian AML Regulator Says It’s Monitoring 25,000 Crypto Users

The top Russian anti-money laundering regulator says it is “monitoring” over 25,000 crypto users – and claims it has sophisticated equipment that permit it locate unlawful activities.

Per Finam, Yury Chikhanchin, the pinnacle of the Federal Financial Monitoring Service (Rosfinmonitoring), lately held a crypto-themed assembly with President Vladimir Putin.

Rosfinmonitoring is a federal government frame charged with combating cash laundering and terrorist financing. It answers immediately to the places of work of the President.

Chikhanchin turned into quoted as stating that “unluckily,” the “volume of use” of “cryptocurrencies” became “growing” in Russia.

The Rosfinmonitoring leader said that the body turned into “unsettled” with the aid of the boom of crypto. And he said the agency suspected cryptoassets had been getting used as a money laundering device in many instances.Chikhanchin added that Rosfinmonitoring had performed “about” a hundred and twenty crypto-related investigations, which had brought about “greater than 60” criminal prosecutions.

How Is Russian Regulator Monitoring Crypto Users?
The Rosfinmonitoring leader claimed that advances in blockchain analytics software program had helped the frame growth its tracking capabilities. In 2020, the body started the use of a de-anonymizing answer along side VTB Bank.The solution to begin with allowed the parties to display transactions at the Bitcoin blockchain protocol.

But the parties have considering the fact that expanded the skills of the software, Chikhanchin said. He said that the same tool may want to now be used to reveal “over 20” blockchain networks.

The regulatory leader stated that testing with the same tool changed into now “underway” at other authorities organs, including the Ministry of Internal Affairs, the Federal Security Service, and the Investigative Committee.

Chikhanchin concluded that regulators in “a number of Commonwealth of Independent States countries” had requested Rosfinmonitoring to provide them with the answer.

Earlier this week, a number of the leaders of Russia’s cryptoasset and blockchain enterprise stated they desired to fulfill Putin for face-to-face talks about crypto regulation.

error: Content is protected !!