Wednesday, November 30, 2022
HomeCryptoRussian Financial Watchdog Wants to Monitor Cryptocurrency Transactions More Closely

Russian Financial Watchdog Wants to Monitor Cryptocurrency Transactions More Closely

Rosfinmonitoring, the organization in charge of monitoring the Russian financial market and fighting against financial crimes, is working to further monitor transactions carried out in cryptocurrencies, in particular via dedicated software. The director of the agency pleads in favor of a regulation on a global scale in order to better track this type of exchange.

Russian cryptocurrency transactions soon under the radar

According to exclusive information from our colleagues at Reuters, Rosfinmonitoringthe main Russian financial watchdogwould like to improve their ability to monitor cryptocurrency transactions made within Russia.

According Yuri Chikhanchinthe person in charge of the organization, a software would have been created in order to trace this type of transaction and would have already made it possible to shed light on certain criminal cases. However, the advanced analysis of on-chain data induces some barriers, and it seems necessary, according to Chikhanchin, toagree on regulation on an international scale :

“It’s very difficult when cryptocurrency accounts enter an unregulated area and we don’t understand who is on the other end. […] But I think we will still solve this task. »

The future of cryptocurrencies still remains uncertain for the eastern country, a subject of tension between the Russian Central Bankfiercely opposed to their development, and the governmentwhich tends to be much more favorable to it subject to appropriate regulation.

In this regard, at the beginning of 2022, the Central Bank of Russia issued a report aimed at completely ban cryptocurrency transactions and miningwhich President Vladimir Putin had opposed, thus defending “ competitive advantages » that the country had in this sector.

Anatoly Aksakovthe chairman of the State Duma committee on the financial market, recently showed himself in favor of theintroduction of a cryptocurrency market within the Moscow Stock Exchange (MOEX):

“Of course, there should be a crypto market based on strict central bank requirements. I suggest it be a subdivision of the Moscow Stock Exchange. »

👉 Read also: Taxation of staking and DeFi – The British government seeks the opinion of investors

Source: Reuters

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