Russian Authorities to Track Cryptocurrency Transactions

News and Analysis

Russia’s Federal Financial Monitoring Service (Rosfinmonitoring) will expand its set of analysis tools with a new system allowing for data about cryptocurrency wallets tied to certain individuals.

As reported by BBC News Russian earlier this week, the system is being developed by Moscow Institute for Security and Information Analysis (SPI) with the aim to collect and store information about individuals suspected of financial crimes as well as to establish possible connections between fraudsters.

In addition to information on individuals’ bank accounts and issued cards, telephone numbers and digital money accounts, the updated system will also include details about cryptocurrency wallets he or she is using.

According to documents published through an electronic auction system that registers purchases and purchase requests from Russian state agencies, Rosfinmonitoring should get the system before the end of the year with its price tag being around 195.5 million rubles ($2.87 million).

Both organiztions declined to provide comments with Rosfinmonitoring’s representatives indicating that access to information about the system is restricted.

In April 2018 representatives for Rosfinmonitoring has come out against the free exchange of cryptocurrencies in the country labeling them high-risk, speculative assets that do not have real value

Earlier this year, Russian government has prepared a memo on the law “On digital financial assets” that states the “exchange of cryptocurrencies for fiat money to the amount of 600,000 rubles (around $10,000) and more has to be subject to mandatory currency control.”

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