- Overview of the Chainalysis Report
- Connections Between Platforms and Organizations
- Future Steps and Legislative Changes
A recent report by blockchain analytics firm Chainalysis has raised concerns about the potential use of Russian crypto exchanges to evade international sanctions.
Overview of the Chainalysis Report
According to the report, the crypto platform Garantex has processed nearly $100 billion in transactions since 2018, providing significant liquidity across major blockchains. While the report does not definitively link this volume to state-sponsored sanctions evasion, the analysts caution that the platform’s capabilities could be exploited for such purposes.
Connections Between Platforms and Organizations
Another local crypto exchange, Exved, was also identified as a potential tool for sanctions evasion. The report noted its close ties with InDeFi Bank, co-founded by Garantex founder Sergey Mendeleev and former KGB officer Alexander Lebedev. Exved has reportedly been involved in facilitating imports and exports, even before recent changes in Russia’s cryptocurrency regulations.
Future Steps and Legislative Changes
The Chainalysis warning comes in the wake of new legislation signed by President Vladimir Putin, which redefines digital currency mining and introduces new regulations for the crypto industry in Russia. The law allows the trading of foreign digital assets on Russian blockchain platforms and gives the Bank of Russia authority to block assets that might threaten financial stability.
While the extent of the Russian government’s involvement remains uncertain, the Chainalysis warnings could signal a significant shift in how economically isolated nations utilize digital assets to maintain global financial connections.
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