Comparative Analysis of Cryptocurrency Money Laundering Risks in Russia and Singapore

In this study, author conceptualized and systematized the risks of money laundering with cryptocurrencies. Author used public documents from the Central Bank of Russia and the Monetary Authority of Singapore as references. The comparative perspective helps to consider the states' status in the cryptocurrency space. It also highlights the differences in their crypto regulation. This study, conducted with a formal approach, aims to identify and describe the risks of laundering proceeds from cryptocurrency transactions, using examples from the Russian Federation and Singapore. To achieve this goal, the following steps were necessary: (a) define the concept of "cryptocurrency money laundering risks" and explain the link between cryptocurrencies and money laundering; (b) explore existing classifications of money laundering risks associated with cryptocurrency transactions; (c) create a unique classification, conduct a case study based on it, and describe the resulting comparisons. This work employs a descriptive case study methodology within a general comparative framework. The primary method is textual thematic analysis. The comparative approach combined with a case study facilitates direct comparisons, identification of risk fixation similarities and characteristics, and evaluation of their pros and cons. In summary, the study utilizes general scientific methods such as analysis, synthesis, and the comparative method. A comparative analysis of the texts from methodological recommendations, reports, and notices by the regulators of the Russia and Singapore completed the work. The author's classification of risk groups (market, security, and legislation), which underpins cryptocurrency money laundering schemes, served as the basis for comparison. The results confirmed the hypothesis that the documented risks of cryptocurrency money laundering reflect the different approaches of the two states. The interpretation of these results identified topics and assumptions for future study.