The BBC News Russian reported earlier this week that the Moscow Institute for Security and Information has developed a system which aims to gather and record information about people suspected of committing finance-related crimes and discover their connections with persons involved in fraudulent activities.
The Federal Monitoring Service (RosFinMonitoring) will be expanding their analysis tools to get more data on crypto wallets associated with individuals.
Other than the person’s bank account and credit cards, phone numbers and their digital currency accounts, the system will also check the information on the crypto wallet they are using.
According to a published report by Zakupki.gov.ru, the monitoring team should have the system by the end of the year, which should cost roughly 195.5 million rubles or USD 2.87 million.
The two organizations did not provide comments about the agents of Rosfinmonitoring which means access to more information on this system is highly restricted.
Only last April of this year, Rosfinmonitoring’s representatives have issued their statements against the free crypto exchange and labeled those as high risk and speculative assets which do not have real value.
A memo was also prepared by Russia’s government referring to the law “On digital financial assets” stating that “exchange of cryptocurrencies for fiat money to the amount of 600,000 rubles (around $10,000) and more has to be subject to mandatory currency control.”