Russia is Keeping a Close Eye on Crypto Transactions


The Russian government agency is planning to expand its internal systems to keep an eye on cryptocurrencies. This agency will monitor alternative types of transactions including those made with cryptocurrencies.

As reported by the local newspaper, Rosfinmonitoring, the Russian government agency also responsible for monitoring financial crimes, will enlarge its system to monitor transactions made with cryptocurrencies. By the end of this year 2018, new application will be included in a condensed monitoring system for the organization, whose main aim and focus is to prevent terrorism funding and confront fraud schemes. The tool is expected to unite fragmented information on fraud and link different cases.

An improved system allowing for data about crypto wallets tied to certain individuals is also being developed by Moscow Institute for Security and Information Analysis (SPI), with a price tag of about $2.8 million. The tool could find a particular person’s name, bank account, credit card, and cellphone number, as well as the number of the electronic wallet. It will not include the above mentioned things but also include data on cryptocurrency and Bitcoin transactions.

Not much is known about the scope of the initiative but according to the documents published through an electronic auction system that registers purchases and purchase requests from Russian agencies, Rosfinmonitoring should get the updated system before the end of the year so that the transactions can be tracked.

Rosfinmonitoring has also refused to disclose any details about this expansion. Policymakers and legislators in the country have gone back and forth on the question of cryptocurrency oversight and it was reported that Rosfinmonitoring could play a possible role in monitoring transactions on regulated cryptocurrency exchanges.

The list of individuals whose accounts have been blocked in Russia due to terrorism charges includes 8,600 people.  The list of entities has 485 entries, with most of them being various Russian religious organisations. The database also lists 101 foreign entities and 415 foreign individuals.