Skip to main content

UK to develop a system to track cryptocurrencies


HM Revenue and Customs (HMRC) of the UK Government has submitted a tender for the development of a system for monitoring financial transfers in digital money. The appearance of such a system in Russia could already have occurred.

Cryptocurrencies can be used not only for transferring funds or paying for services, but also for conducting criminal activities. This position was expressed by the UK tax service HMRC. The purpose of the introduction of this tool is the fight against criminal activity. It includes tax evasion and laundering of criminal proceeds.

Mikhail Mishustin, head of the Federal Tax Service of Russia and now Prime Minister, proposed the initiative to control income received through cryptocurrency for tax purposes in February last year.

"Money that a young person can freely move across the border using cryptocurrencies and other forms of payment, which the state does not notice and for which there is no regulatory framework, is dangerous," said Mishustin.

A similar system can already operate in Russia, suggested Dmitry Kirillov, a senior tax lawyer at Bryan Cave Leighton Paisner (Russia) LLP. He explained this by the fact that in 2018, the contract for the development of the Unified Information System was posted on the public procurement website. The 23rd page of the document states that "a tool should be created to analyze and identify illegal activities, including using cryptocurrencies."

"Apparently, the execution of the contract was completed. Therefore, I will not be surprised if the system already tracks cryptocurrency transactions of Russian users," said Kirillov.

Antonina Levashenko, the head of the Russian Center for Competencies and Analysis of Standards under the President of the Russian Federation, expressed a similar opinion. According to her, financial intelligence units of countries around the world are seeking to acquire effective tools for controlling cryptocurrency transactions, and Russia is no exception.

All experts agreed that a system for controlling transactions in cryptocurrency may appear in Russia. It is likely to focus on the fight against illegal income and the financing of terrorism.


source https://www.ehackingnews.com/2020/01/uk-to-develop-system-to-track.html
Labels:

Comments

Post a Comment

Popular posts from this blog

Betting and Gambling Websites under Cyberattack from Chinese Hackers

Since last year's summers, Chinese hackers have been targeting South Asian companies that own online gambling and betting websites. The gambling companies in South Asia have confirmed the hacks, whereas rumors of cyberattacks on betting websites have also emerged from Europe, and the Middle East, however, the rumors are yet to confirm, says the reports of cybersecurity group Trend Micro and Talent-Jump. Cybersecurity experts claim that no money was stolen in these hacks against the gambling websites. However, hackers have stolen source codes and databases. The motive of the attack was not a cybercrime, but rather espionage intended attack to gain intelligence. According to the experts, a group named ' DRBControl ' is responsible for the cyberattack. According to the reports of Trend Micro, the hacking techniques used in this particular cyberattack incident is similar to methods done by Emissary Panda and Winnti. All of these hacking groups are from China that has launc
5 comments
Read more

Information security experts have warned Russians about bonus card fraud schemes.

Fraudsters several thousand times tried to illegally take advantage of discount bonuses of Russians in 2019. Some attackers gained access to customers' personal accounts, and then bought the products using bonuses, said Alexey Sizov, head of the anti-fraud department of the Application Security Systems Center at Jet Infosystems. According to him, a fraudster can register a personal account on a card that was issued to another person. The victim will accumulate points without knowing about the existence of his profile, and the attacker will write off bonuses, said Sizov. The expert added that this is mainly done by novice scammers. According to him, loyalty programs are poorly protected, unlike banking operations. He said that they are estimated at 50 billion rubles ($760 milliard) for the 30 largest retailers. Alexey Fedorov, Chairman of the Business Russia Trade Committee, said that in 2019, the number of bonus and discount thefts "increased significantly."
Post a Comment
Read more

Provider Volia reported to the cyber police about the intense cyberattacks on the server

Cable provider Volia appealed to the Cyber Police on the fact of fixing a DDoS attack on the Kharkov servers of the company, which has been ongoing since May 31. "For three days, from May 31 to today, the Volia infrastructure in Kharkov is subjected to cyberattacks. At first, they were carried out only on subscriber subsystems, later they switched to telecommunications infrastructure. As a result, more than 100,000 subscribers experienced problems using the Internet, IPTV, multi-screen platform, and digital TV," said the company. In total, the complete lack of access to Volia's services, according to the provider, lasted 12 minutes on May 31, 45 minutes on June 1. There was also an attack on the website volia.com, but it was managed to neutralize. "DDoS attacks were massive and well-organized. The type of attack is UDP flood and channel capacity overflow with the traffic of more than 200 GB. UDP is a protocol used for online streaming services - streaming, te
Post a Comment
Read more