The Russian Interior Ministry is now reportedly using a tool to identify owners of cryptocurrency wallets. In this way, the ministry is able to follow the transactions. The software also has a feature that makes it easier to track crypto asset transactions according to the Russian Media Ministry.
Fight against cybercrime and financial risks
Employees of the Ministry of Internal Affairs of the Russian Federation now have access to a specialized digital platform. The literal translation of the application is “Personal account of a law enforcement agency”. Thus, the ministry revealed that it identifies owners of cryptocurrency wallets using this new system. With an exponential number of owners, the Russian decision seems strategic.
The head of the department, Mr. Kurnosenko, explained that the analysis tool allows his colleagues to quickly receive and evaluate data. This collected information would relate to specific financial risks for the Russian economy. The tool also makes it possible to compile the results of joint work in the field of the fight against cybercrime and other areas. Some will denounce a liberticidal attack on the rights of wallet owners.
Stricter regulation of cryptocurrencies
The senior Ministry official also pointed out that the integrated product has a module developed to help investigators monitor cryptocurrency transactions. He pleads an encouraging user experience feedback, without giving more details. The announcement of the MVD’s new cryptocurrency tracing capabilities comes in a particular context. Indeed, since April 2022, the Ministry of Finance has been reviewing a number of proposals submitted by the country’s law enforcement agencies as part of an initiative to regulate Russia’s crypto space. One of the areas discussed was capturing digital assets and reporting cryptocurrency transaction data.
The news that Russian authorities are developing a platform to track and analyze transactions involving cryptocurrencies broke around two years ago. At the time, in August 2020, the prototype of the system was being tested. This digital project has already been implemented and is working successfully according to the head of the main department of economic security and anti-corruption of the ministry. This assertion dates from the eve of the International Anti-Corruption Day. This day is celebrated on December 9 to raise awareness of anti-corruption efforts. Symbolic?
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