Russia to improve crypto transaction monitoring as regulation draws closer

Russia's financial monitoring agency says it is using software to track cryptocurrency transactions. The Bank of Russia has long voiced scepticism over cryptocurrencies, citing financial stability concerns, and has advocated for a complete ban on trading and mining. Russia has already identified specific criminal cases involved in cryptocurrencies, said Rosfinmonitoring's head Yuri Chikhanchin. The agency wants to improve its systems and identify transactions and blockchains that are currently hidden, he said. Aksakov, head of the financial committee in Russia's lower house of parliament, on Thursday said draft legislation on regulating cryptocurrencies would be put to the house in the autumn. The crypto industry has been in the crosshairs of regulators, who worry that a recent meltdown in the volatile market could hit the broader financial sector. Source