Meeting With Putin, Russia's Financial Supervisory Director Presents Investigation Of 400 Crypto Cases

Russia investigates 400 crypto-related cases (World Stock Market)

JAKARTA – Governments in many countries are now starting to focus and pay attention to the crypto world. The goal is to create security for the people and users in their country. Not infrequently cases of fraud and crime in crypto occur in a country.

Recently the Russian government is investigating 400 cases related to the crypto world. The Russian authority, Rosfinmonitoring, is conducting hundreds of investigations into cases involving cryptocurrencies based on the announcement by the head of the agency. It said hundreds of thousands of Russians took part in crypto deals abroad.

Russian authorities are currently initiating 20 criminal cases related to crypto assets out of the total number of cases submitted. The Financial Monitoring Service of the Russian Federation, otherwise known as Rosfinmonitoring, is trying to uncover about 400 cases where cryptocurrencies were involved in this. This was conveyed by its Director, Yury Chikhanchin, in a meeting with Russian President, Vladimir Putin.

Quoted from News Bitcoin, Chikhanchin and the financial watchdog are conducting a joint investigation with representatives of the Ministry of the Interior (MVD) and the Federal Security Service (FSB). Of the 400 cases submitted, law enforcement officers have initiated 20 criminal cases related to digital assets.

Chikhanchin commented on the volume of crypto turnover registered by his department, he acknowledged that Russia is actively using crypto platforms based abroad. He explained that this phenomenon continues to exist and only on two foreign sites, two exchanges, hundreds of thousands of Russian citizens participate in transactions worth tens of billions of dollars. However, the authorities did not mention the names of the two foreign sites.

The Russian government has shown that it is not just about investment. Yury Chikhanchin believes that some of these transfers are related to crimes involving its citizens with crypto assets.

According to official data released earlier this year, the number of crypto cases going to Russian courts is increasing and has already exceeded 1,500 cases by 2021. Of these, 62% are criminal cases, and most are related to drug trafficking. This figure represents an increase of 40%.

Russia has yet to fully regulate the crypto space in its country with the law “On Digital Currencies” which is expected to be reviewed by lawmakers during the fall session by the Duma Assembly.

To this news, most intuitive responses in Moscow agreed that the ruble, Russia's currency, should remain the only legal tender in the country. However, officials are exploring options to allow crypto payments in international transactions.