Illegal crypto operations double in Russia in 2023: official

The number of illicit cryptocurrency transactions has doubled in Russia in 2023, said Yury Chikhanchin, head of the Russian Federal Service for Financial Monitoring (Rosfinmonitoring), on Thursday, reported Xinhua.

"Taking into account the fact that the system is not fully regulated, suspicious transactions are approximately doubling," Chikhanchin said at a meeting with Russian President Vladimir Putin, adding that illegal transactions were mainly linked to drugs, fraud and corruption.

Operations that fund terrorist activities also contributed to the increase in such illegal transactions, according to the official.

Nonetheless, Chikhanchin pointed out that the Transparent Blockchain, a software system jointly launched by Rosfinmonitoring and Russia's VTB Bank, makes it possible to track and investigate these suspicious transactions.

Rosfinmonitoring is continuing to monitor the circulation of cryptocurrencies, Chikhanchin said.