Russia's Central Bank Tackles Illicit Cryptocurrency with Database Plan

Russia's central bank is planning to implement a system to identify and label cryptocurrencies linked to criminal proceeds. According to reports, the bank will create a database of tainted wallets if regulators determine that enforcement requires it.

The new regulation aims to crack down on illicit activities in the cryptocurrency market. The central bank will identify whether digital assets originated from criminal sources and flag them accordingly.

No timeline has been specified for when this system would begin operating, nor how wallets would be added to the database. However, the move is part of the country's efforts to implement its crypto regulation law.