Russian Regulator Monitoring 25,000 Crypto Users: Find Out How

• The top Russian anti-money laundering regulator, Rosfinmonitoring, is “monitoring” over 25,000 crypto users.
• The body has conducted 120 crypto-related investigations and 60 criminal prosecutions.
• Rosfinmonitoring has developed a blockchain analytics software that can monitor over 20 blockchains.

Russian Anti-Money Laundering Regulator Monitoring Crypto Users

The top Russian anti-money laundering regulator, Rosfinmonitoring, says it is “monitoring” over 25,000 crypto users and claims to have sophisticated tools that let it detect illegal activities. Yury Chikhanchin, the head of the Federal Financial Monitoring Service (Rosfinmonitoring), recently held a meeting with President Vladimir Putin to discuss the issue.

Crypto Investigations and Prosecutions

Rosfinmonitoring has undertaken 120 crypto-related investigations which have led to more than 60 criminal prosecutions. It is believed that cryptocurrencies are being used for money laundering operations in many instances.

Blockchain Analytics Tool

Advancements in blockchain analytics software has allowed Rosfinmonitoring to increase its monitoring capabilities with a de-anonymizing solution in conjunction with VTB Bank. The tool was initially used to monitor transactions on the Bitcoin blockchain protocol but now expanded to cover more than 20 other networks as well. Testing with this tool is underway at other government organs such as the Ministry of Internal Affairs, the Federal Security Service and the Investigative Committee.

Requested by Other CIS Countries

Other Commonwealth of Independent States countries have requested Rosfinmonitoring to provide them with their solution for monitoring crypto users and transactions too.

Russia’s current estimated annual cryptocurrency turnover is around 630 000 Bitcoin (BTC). With its advanced blockchain analytics software, it appears that Russia’s anti-money laundering regulator is capable of monitoring large numbers of crypto users effectively and efficiently while also uncovering any suspicious financial activity related to cryptocurrencies or other blockchains networks they use over time.


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