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In a collaborative effort, the Bank of Russia and Rosfinmonitoring are developing a platform to uncover links between cryptocurrency transactions and traditional fiat operations. This initiative is part of broader efforts to assess the scope of the domestic cryptocurrency market. The financial watchdog of the country, Rosfinmonitoring, in conjunction with the central bank, is piloting this new system.
Russia Advances in Crypto-Fiat Transaction Tracing
Ilya Bushmelev, director of project portfolio management at Innotech, shared insights at a forum hosted by Rosfinmonitoring. He disclosed that the system is in the pilot phase, being tested by five undisclosed financial institutions. The pilot is set to continue until the end of May, though it could be extended depending on the findings.
Bushmelev emphasized that the pilot aims to develop a fundamental understanding among financial institutions of the necessary tools and procedures for crypto compliance. This includes the implementation of “know-your-crypto-client” and “know-your-crypto-transaction” protocols. Whether the pilot has yielded positive results so far remains unclear as of the latest updates.
This new measure is a part of Russia’s ongoing strategy to address the challenges posed by the integration of cryptocurrencies into the traditional financial system. In October 2023, Russian legislator Anton Tkachev mentioned that a local bank began monitoring its clients’ cryptocurrency activities. This move is intended to help frame regulatory policies for the involvement of state corporations in the crypto sector. However, details on the outcomes of this monitoring effort have not been publicly shared yet.
Additionally, international attention is focused on the potential for cryptocurrency transactions to link back to Russia. Authorities in both the U.S. and U.K. are investigating whether over $20 billion could have transited through the Russian sanctioned crypto exchange Garantex. It is still uncertain whether the efforts by Russia’s central bank and Rosfinmonitoring are specifically targeting Garantex-related transactions or all cryptocurrency activities within their financial system.
Russia's central bank and Rosfinmonitoring pilot a new system to trace connections between crypto transactions and fiat operationshttps://t.co/LzyfXghx2j
— crypto.news (@itscrypto_news) April 25, 2024
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