Rosfinmonitoring conducts hundreds of investigations in cases related to cryptocurrencies. The head of Rosfinmonitoring announced. The Russian President is also informed by the head regulator that hundreds of thousands of Russians participate in cryptocurrency deals overseas.
Russian Authorities Launch 20 Criminal Cases Related to Crypto Assets
Rosfinmonitoring is the Russian Federation’s Federal Financial Monitoring Service. It is currently investigating around 400 cases where cryptocurrencies were involved. The agency’s director, Yury Chikhanchin, revealed the number during a meeting with President Vladimir Putin.
They are being worked on by the financial watchdog together with the representatives of the Ministry of Internal Affairs and Federal Security Service (FSB), a high-ranking official said. He also stated that 20 cases have been filed against law enforcement officials in relation to digital assets.
Chikhanchin, commenting on crypto turnover recorded by his department acknowledged that Russians use cryptocurrency platforms based in other countries. He elaborated:
This phenomenon is still ongoing. Only on two sites foreign, the two Russian exchanges, hundreds of thousands of Russian citizens are involved in transactions that amount to tens or billions.
The regulator was quoted by RBC’s crypto news outlet. He said that they aren’t just settlements, but also investment deals. Yury Chikhanchin feels certain that there are some transfers related to crimes.
Official data from earlier in the year shows that there were more than 1,500 court cases in Russia relating to crypto or cryptocurrency mining by 2021. Sixty-two percent of them were criminal cases. Most of these related to drug trafficking. These numbers show a 40% increase in annual growth.
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. Moscow’s majority of intuitions agree that the ruble should be the sole legal currency, but officials are looking into the possibility to accept crypto payments in small transactions in international trade.
Are you expecting the number of cases that involve crypto assets being investigated to rise or fall after Russia implements extensive regulations? Please leave your comments below.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com doesn’t offer investment, tax or legal advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.