According to Yury Chikhanchin, the director of the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring), the use of cryptocurrencies in Russia is on the rise. During a meeting with President Vladimir Putin, Chikhanchin reported that the turnover of crypto assets is growing in the country, with the agency monitoring over 25,000 participants in crypto transactions. Additionally, Rosfinmonitoring has identified around a dozen financial organizations that provide assistance to these participants.
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Putin expressed his concern about the presence of “swindlers” wherever new financial instruments or money appear. Chikhanchin admitted that the use of cryptocurrencies is increasing in Russia, due to the absence of comprehensive regulation. He also disclosed that the cryptocurrency turnover in Russia is more than 630,000 bitcoins, which is close to $13 billion in fiat equivalent at current rates. The Bank of Russia estimated that the annual volume of crypto transactions made by Russians was around $5 billion in 2021.
Rosfinmonitoring has carried out about 120 crypto-related investigations and initiated over 60 criminal cases. This was made possible thanks to the launch of Russia’s new ‘Transparent Blockchain’ platform, which can track the movements of more than 20 different crypto assets. The crypto analytics tool is currently undergoing tests at the Ministry of Internal Affairs, the Federal Security Service, and the Investigative Committee. Other countries from the Commonwealth of Independent States have expressed interest in obtaining it.
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Transparent Blockchain was used to shut down the darknet market Hydra, in cooperation with law enforcement agencies and representatives of financial intelligence organizations of other nations. The website was taken down in early April 2022, when German authorities seized its services with U.S. support. An alleged administrator, Russian citizen Dmitry Pavlov, was arrested later that month.
In conclusion, the use of cryptocurrencies is on the rise in Russia, and Rosfinmonitoring is monitoring thousands of participants in digital asset transactions with a new blockchain analytics system.
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