Russia Seeks For Legal Means To Confiscate Criminals’ Cryptocurrencies

Home » Russia Seeks For Legal Means To Confiscate Criminals’ Cryptocurrencies

According to information released on Thursday by local news source RBC, the Russian authorities are in search of legal means to confiscate virtual assets such as cryptocurrencies.

The report indicates that the Ministry of Internal Affairs intends to develop legislation that makes it possible to force criminals to hand over digital profits obtained illegally. Also, the mentioned ministry wants proposals in the books for December 2021.

For the development of these proposals, the Ministry of Internal Affairs will work together with the financial regulator Rosfinmonitoring, the Prosecutor General’s Office, the Investigative Committee, the Justice Ministry, the Federal Customs Service, the Federal Security Service and the Supreme Court.

However, the implementation of this legislation could be slowed down by the delays that the regulation of cryptocurrency assets in general has had in the Russian parliament.

In addition to this, regulators are aware that the confiscation of cryptocurrencies that reside in various types of wallets is not easy. However, Nikita Kulikov, a member of the State Duma’s expert council, said authorities believe that exchanges can be worked to isolate and freeze such funds.

Although the Russian authorities are getting acquainted with cryptocurrencies, Russia’s central bank maintains an indifferent stance on the matter. It should be remembered that last month the president of the Bank of Russia, Elvira Nabiullina, considered that there were no compelling reasons to launch a digital ruble.


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