Russian president calls for tighter cross-border cryptocurrency transaction regulation

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The President of Russia ordered the Prosecutor General’s Office and Russian financial watchdog to take measures to suppress the illegal cross-border movement of funds and digital financial assets, which, according to Vladimir Putin, are used for these purposes.

Russian President Vladimir Putin spoke at an expanded meeting of the Board of the Prosecutor General’s Office, dedicated to the announcements of results of the department’s work for 2020. Putin outlined the most important tasks for 2021. During his speech, Putin separately noted the need to suppress illegal cross-border movement of funds using digital financial assets.

“There is one more point. It’s quite new, but essential: to take additional measures to suppress illegal cross-border movement of funds in digital financial assets. Criminal elements are increasingly using these digital financial assets, and this certainly needs to be paid close attention to with colleagues from other departments, including Rosfinmonitoring [Russian financial watchdog].”

In February, Rosfinmonitoring announced the development of the cryptocurrency tracking service entitled Transparent Blockchain. The head of the department, Yuri Chikhanchin, said at the meeting with President Vladimir Putin, the service allows to analyze crypto transactions and identify signs of criminal sources of the transaction. The developed mechanism allows “to see all movements in cryptocurrencies, that is, attempts to hide behind cryptocurrency, because it is inaccessible, it makes it possible to hide the true beneficiary.”

“We, together with law enforcement agencies and the Academy of Sciences, first of all developed a digital service that allows us to analyze crypto transactions. This will give us the opportunity to track these transactions in cryptocurrency, and most importantly, we are now working out the signs and criteria that could show us criminal sings of these transactions.”

Via: 2Coinfox.info

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