Russian Interior Ministry Uses Tool to Identify Crypto Wallet Owners and Track Transactions CryptoBlog

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The Russian Interior Ministry is now using a digital tool that allows officers to link cryptocurrency wallets to their owners. The software also has a feature that makes it easier to monitor crypto asset transactions, the department told Russian media.

Russian police brag about new crypto tracking tool ahead of anti-corruption day

Employees of the MVD, the Ministry of Interior of the Russian Federation, now have access to a specialized digital platform called Personal account of a law enforcement agency, Tass reported. The ministry revealed to the news agency that it identifies owners of cryptocurrency wallets using the new system.

This digital project has already been implemented and is working successfully, the head of the main department for economic security and the fight against corruption of the MVD, police lieutenant general Andrey Kurnosenko, told Tass on the eve of International Anti-Corruption Day, celebrated on December 9. raise public awareness of anti-corruption efforts.

Kurnosenko explained that the analysis tool allows his colleagues to quickly receive and assess collected information on specific financial risks for the Russian economy and also to compile the results of joint work within national projects in the the field of the fight against cybercrime and other fields.

The senior MVD official also pointed out that the integrated product includes a module developed to help investigators monitor cryptocurrency transactions. There is already positive experience of using this tool to identify unscrupulous owners of crypto wallets, the general pointed out, without giving further details.

The announcement of MVD’s new crypto-tracing capabilities comes after the Ministry of Finance in April accepted for consideration a number of proposals submitted by the country’s law enforcement agencies as part of a campaign to regulate the Russian crypto space. One of the areas covered was capturing digital assets and reporting crypto transaction data.

The news that Russian authorities were developing a platform to track and analyze transactions involving cryptocurrencies came out two years ago. At the time, in August 2020, the prototype of the system, which would have used artificial intelligence technology, was being tested.

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Do you think Russian law enforcement will actively use the new crypto tracker? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: Being a writer is who I am, rather than what I do. Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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