According to the agency’s head, Rosfinmonitoring is looking into hundreds of cases involving cryptocurrencies. The top regulator also informed the Russian president that hundreds of thousands of Russians participate in cryptocurrency transactions overseas.
400 cases involving cryptocurrencies are being looked into by Russia’s financial watchdog, the director informs Putin
According to the agency’s head, Rosfinmonitoring is looking into hundreds of cases involving cryptocurrencies. The top regulator also informed the Russian president that hundreds of thousands of Russians participate in cryptocurrency transactions overseas.
Russian Law Enforcement Agencies Open 20 Criminal Cases Associated with Crypto Assets
Around 400 cases involving cryptocurrencies are being investigated by Rosfinmonitoring, the Federal Financial Monitoring Service of the Russian Federation. Yury Chikhanchin, the agency’s director, disclosed the figure to President Vladimir Putin during their meeting.
The high-ranking official noted that the Federal Security Service (FSB), the Ministry of Internal Affairs (MVD), and the financial watchdog are all involved in these projects. legal action. He elaborated:
This phenomenon continues to exist. And only on two foreign sites, two exchanges, several hundred thousand Russian citizens participate in transactions worth tens of billions.
Quoted by the crypto outlet of Russian business news portal RBC, the regulator pointed out that these are not only settlements or investment deals. Yury Chikhanchin is convinced that some of these transfers are related to crime.
According to official data released earlier this year, the number of court cases relating to cryptocurrency or crypto mining in Russia has exceeded 1,500 in 2021. Of them, 62% were criminal cases, mostly related to drug trafficking. The numbers represent a 40-percent annual increase.
Russia is yet to fully regulate its crypto space with a law “On Digital Currency” that lawmakers are expected to review during the fall session of the State Duma, the lower house of parliament. While most intuitions in Moscow agree that the ruble should remain the only legal tender in the country, officials are exploring the option to allow crypto payments for small settlements in international trade.
