Rosfinmonitoring reports growth in Russian cryptocurrency assets

03/13/2023 22:07 • NFT Newsflash • 127 views

According to reports, Yury Chikhanchin, director of the Russian Federal Financial Supervision Agency (Rosfinmonitoring), reported the current operation of the agency to Russian President Vladimir Putin. He said that the turnover of Russian cryptocurrency assets was growing, and the volume of Russian cryptocurrency transactions was close to 13 billion dollars. Regulators are monitoring the activities of more than 25000 cryptocurrency trading participants. The service also identified about a dozen financial organizations that provide assistance to them.

Director of the Financial Supervisory Authority of the Russian Federation: Russia’s cryptocurrency trading volume is close to US $13 billion

Analysis based on this information:

Yury Chikhanchin, the director of the Russian Federal Financial Supervision Agency (Rosfinmonitoring), recently reported to President Vladimir Putin about the current situation of Rosfinmonitoring. According to Chikhanchin, the turnover of Russian cryptocurrency assets has been steadily growing, with the volume of Russian cryptocurrency transactions reaching almost $13 billion. Regulators are closely monitoring the activities of more than 25,000 cryptocurrency traders, and they have identified around a dozen financial organizations that assist them.

The report indicates that the cryptocurrency landscape in Russia is expanding, with more people investing in these digital assets. The growth in turnover and transactions highlights the increasing awareness and adoption of cryptocurrency in the country. This trend is reflected in the number of cryptocurrency trading participants that Rosfinmonitoring is currently monitoring.

However, the report also underscores the importance of regulation in the cryptocurrency sector. Regulators are closely monitoring the activities of cryptocurrency traders to ensure compliance with the law and to prevent money laundering or other illicit activities. The presence of financial institutions that support cryptocurrency traders is also a positive development, as it provides more legitimacy to the industry.

Overall, the report from Rosfinmonitoring suggests that the cryptocurrency sector in Russia is on the rise, with significant investments and transactions taking place. Regulators are closely monitoring the situation to ensure that the industry operates within the legal framework, and financial institutions are offering support to crypto traders. These developments suggest that cryptocurrency is gaining more acceptance and legitimacy in the Russian financial landscape.

In conclusion, the report highlights the growing trend of cryptocurrency investments in Russia and the regulatory measures taken to ensure that the industry operates within the legal bounds. The expansion of the cryptocurrency landscape in the country is supported by the increasing number of financial organizations that are assisting cryptocurrency traders. The growth of the industry is expected to continue, subject to the requirements laid down by regulators and the financial authorities.

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