Rosfinmonitoring reports growth in Russian cryptocurrency market

03/13/2023 22:07 • Crypto & Markets • 71 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:

The head of the Russian Federal Financial Supervision Agency, Yury Chikhanchin, has reported to President Vladimir Putin about the growing turnover of Russian cryptocurrency assets and the increasing volume of cryptocurrency transactions. In addition, regulators are currently monitoring the activities of more than 25,000 cryptocurrency trading participants, as well as a dozen financial organizations that provide assistance to them.

This report gives insights into the state of the Russian cryptocurrency market, highlighting a growth in the volume of transactions, and the increasing participation of financial institutions. This information is important to both governments and investors alike, as it will influence their decisions regarding investments in cryptocurrency.

The rise in the turnover and volume of cryptocurrency transactions in Russia has been attributed to the country’s growing interest in this form of investment. It is believed that Russians are turning to cryptocurrency as an alternative investment to counteract the volatility of the traditional financial market. However, such interest has also raised concerns about potential fraudulent activities and money laundering. Hence, the role of Rosfinmonitoring is vital in the monitoring of all cryptocurrency trading participants.

Moreover, the report shows that the Russian government is taking steps towards regulating the cryptocurrency market by monitoring the activities of all participants, including the financial institutions that provide assistance. The government’s focus is on regulating cryptocurrency activities and preventing any fraudulent practices in this area.

Finally, the report suggests that the Russian government is not opposed to cryptocurrency, and will continue to monitor and regulate the market. This sends a message to investors worldwide that Russia is open to cryptocurrency investments and is taking steps to regulate this area.

In summary, the report indicates growth in the Russian cryptocurrency market and the government’s continued interest in regulating the market to prevent fraudulent activity. This information is valuable for investors and governments looking to invest in cryptocurrency, as well as for those interested in the future of the Russian financial market.

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