Russia wants to establish a “Crypto-Detective Agency”

· 20 Oct 2017 in Crypto News, Home

On the latest news – Russia claimed they want to create a Crypto-Detective Agency. The detective agency would have to collect all the possible information from companies planning to launch an initial coin offering (ICO). The proposal was presented at a recent State Duma Financial Market Committee meeting. The special agency would also create a registry of the ICOs operating on Russian territory.

Some weeks ago, Russian President Vladimir Putin, expressed his concern about the cryptocurrency market. “The use of cryptocurrencies bears serious risks”, Putin commented on a meeting with top finance officials in Sochi. The risks linked to decentralized cryptocurrencies includes money laundering, tax evasion and funding for terrorism.

This situation pushed Russian President to impulse the creation of a “regulatory environment” to give a framework to cryptocurrencies. The Internet Development Institute (IRI) heard Putin’s comment and proposed to “create a specialized crypto-detective agency”. The Internet Development Institute is a foundation managed by Alexei Fyodorov.

“Our agency will be able to extract information about their beneficiaries and their real state of affairs. Our task is to protect investors. When a company that has attracted funds from large number of people fails, its investors will seek protection from the state”, commented the foundation president Alexei Fyodorov.

Russia is trying to control cryptocurrencies

This is not the first step that Russia is taking to control cryptocurrencies on its territory. Nikolay Nikiforov, Russian minister of Communication, informed to AIF that Putin has ordered to issue a country’s own cryptocurrency: The CryptoRuble.

As the currency will not be decentralized, the government will have control over money laundering or criminal activities. Nikiforov explained that there will be a 13% tax to CrytpoRuble owners that will not be able to explain from where they got the coins.

The new crypto-detective agency would work side by side with the government to protect individuals and investors from fraudulent ICOs, from possible scams and from the possibility of being involved in criminal acts.  

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