Some cryptocurrency exchanges have rejected calls to cut off all Russian users, raising concerns that cryptocurrencies could be used as a way to circumvent sanctions.
Ukraine has also raised millions of dollars in cryptocurrency after posting calls on social media for donations in bitcoin and other digital tokens.
“In the FSB we are following the conflict situation in relation to cryptocurrencies,” said Patrick Armstrong, a member of the FSB secretariat, at a City & Financial conference.
The FSB, which groups financial regulators, central banks and finance ministry officials from the Group of 20 economies, is sharing the information it obtains among its members, Armstrong said.
British Financial Services Minister John Glen told the same conference that steps already taken by the UK to subject crypto assets to anti-money laundering and anti-terrorist financing restrictions will support crypto asset law enforcement. .
“We believe that these steps will actively support the government’s response to the Russian invasion of Ukraine,” he said.