The head of the agency announced that Rosfinmonitoring is conducting hundreds of investigations into cases involving cryptocurrencies. Hundreds of thousands of Russians are involved in crypto transactions abroad, and the top regulator also reports to the Russian president.

Russian Authorities Open 20 Criminal Cases Related to Crypto Assets

The Russian Federation’s Federal Service for Financial Monitoring, also known as Rosfinmonitoring, is trying to unravel about 400 cases involving cryptocurrencies. The head of the agency, Yury Chikhanchin, revealed the figure during a meeting with Russian President Vladimir Putin.

The senior official noted that the financial regulator is working on the issues with representatives from the Ministry of the Interior (MVD) and the Federal Security Service (FSB). He also said that law enforcement has opened 20 criminal cases related to digital assets.

Commenting on the cryptocurrency turnover registered by his department, Chikhanchin acknowledged that Russians continue to actively use cryptocurrency platforms abroad. He elaborated:

This phenomenon continues. On just two foreign websites, two exchanges, hundreds of thousands of Russian citizens are involved in transactions worth tens of billions.

Citing cryptocurrency exports from Russian business news portal RBC, the regulator noted that these are not just settlement or investment transactions. Yury Chikhanchin is convinced that some of the transfers were criminally related.

According to official figures released earlier this year, the number of court cases related to cryptocurrencies or cryptocurrency mining in Russia in 2021 has surpassed 1,500. Of these, 62% were criminal cases, mainly related to drug trafficking. These figures represent an annual increase of 40%.

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Russia has yet to pass a law “on digital currencies” to fully regulate its crypto space, which lawmakers are to review during the fall session of the State Duma, the lower of parliament. While most intuitions in Moscow believe the ruble should remain the country’s only legal tender, officials are exploring options to allow crypto payments for small settlements in trade.

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institution, case, court case, criminal case, crypto, crypto asset, crypto exchange, crypto currency, cryptocurrency, financial regulator, financial regulator, president, Putin, Roskomnadzor, Russia, russian, russians, service

Do you expect more or less investigations involving crypto assets in Russia after full regulation? Let us know in the comments section below.

Lubomir Tasev

Lubomir Tassev, a journalist from tech-savvy Eastern Europe, likes Hitchens’ famous quote: “Being a writer is who I am, not what I do.” Beyond crypto, blockchain and fintech, politics and The economy is two other sources of inspiration.

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