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

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.

Interpretation of this information:

The report suggests that the Russian Federal Financial Supervision Agency (Rosfinmonitoring) has noticed significant growth in the turnover of cryptocurrency assets in the country. The director of the agency, Yury Chikhanchin, reportedly informed the President of Russia, Vladimir Putin, about the increased activity in the cryptocurrency market. The volume of Russian cryptocurrency transactions has reportedly surpassed $13 billion.

The agency has been keeping a close watch on cryptocurrency trading activities in the country, and the report suggests that more than 25,000 cryptocurrency trading participants are being monitored. Additionally, the service has identified several financial organizations that provide assistance to these participants.

This report is significant because it highlights continued interest and growth in the cryptocurrency space in Russia, despite a previously hostile stance from the country’s government. In 2018, there were rumors of a complete ban on cryptocurrencies, but the government has since softened its stance on the industry.

The fact that the director of the agency reported the growth of cryptocurrency assets and transactions to the Russian President suggests that the government is taking a keen interest in the cryptocurrency space. This may indicate a shift in the government’s approach towards the industry, which could be beneficial for cryptocurrency enthusiasts in the country.

In summary, the report suggests that the Russian cryptocurrency market is growing, with increasing volumes of transactions and turnover of cryptocurrency assets. The government regulators are keeping a close watch on the activities of more than 25,000 cryptocurrency traders and have identified financial organizations that provide assistance to cryptocurrency participants.