Russian Agency Includes Crypto In Tracking Criminal Activity

The governmental agency in Russia responsible for regulating and deterring illegal financial activity, Rosfinmonitoring, seeks to extend their organization to include digital currency. 


Plans to Extend Into Crypto

As reported by BBC, this request indicates a Russian interest in monitoring all processes of financial transactions particularly those regarding digital currency. The creation of advanced systems is underway by Moscow’s institute for Security and Info Analysis (SPI) aiming to enable the tracking of data linked to digital wallets associated with users. This project is said to cost up to $2.8 million to complete.

The Rosfinmonitoring extension project is expected to be ready for implementation nearing 2018's end, as stated by official documents registered as purchase requests issued by these agencies. Beyond these official requests, little information is understood regarding the extent to which these adjustments will be implemented, with no official response from SPI when approached.Likewise, Rosfinmonitoring also rejected the request to reveal further information regarding their digital asset monitoring system, stating only that details concerning the project remain classified.

Controlling Terrorism and Online Criminal Activity In Russia

For several years now, Russian officials, regulators, and policymakers have been fickle regarding the topic of cryptocurrency. Reports in 2017 noted that Rosfinmonitoring could participate in the monitoring of regulated crypto exchanges and associated transactions without revealing further details as to how this would be achieved. Recently, the list of individuals added to the monitoring agency’s list reflects charges of online anti-religious behaviour.Currently those included on the list, amounting to 8,600, have had their accounts blocked within the nation in response to accusations associated with terrorism. Among the total count includes over 100 foreign organizations, 485 Russian based organizations, and over 400 independant foreigners.

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