The Prosecutor General of Russia called for accelerating the development of cryptocurrency regulation – Bits Media

by
Генпрокурор России призвал ускорить разработку регулирования криптовалют - Bits Media

Prosecutor General of the Russian Federation Igor Krasnov believes, that for stable enforcement of the law on confiscation of cryptocurrencies, it is necessary to clarify the legislation on the regulation of digital assets.

Igor Krasnov
reported, that judicial practice on criminal offenses moves towards recognition of digital currency as property. It means, that cryptocurrency can be considered a bribe. According to him, this status is not enough, to consider such status a circumstance for creating uniform and sustainable law enforcement. The Prosecutor General of the Russian Federation believes, that it is necessary to include the concepts of cryptocurrencies and other digital assets in the Criminal Code by introducing the corresponding requirements into the law on the regulation of cryptocurrencies.

Krasnov reported, that the Prosecutor General's Office has finalized the regulations, so that digital assets used in illicit trafficking are not only recognized as a means of crime, but there was also a legal possibility of their arrest and confiscation. He added, that in Russia now different authorities are working on legislation, regulating the crypto industry. Only after that, how the law will work, It will become possible to effectively confiscate illegally obtained cryptocurrencies.

In July, Russian Prosecutor General Igor Krasnov spoke about work on amendments to legislation, allowing confiscation of digital assets, used for illegal purposes. In March, Russian President Vladimir Putin instructed the Prosecutor General's Office of the Russian Federation and Rosfinmonitoring to take measures to prevent illegal international transactions with digital financial assets (CFA). Also in 2019 year, the Ministry of Internal Affairs of the Russian Federation, together with other departments, began to prepare a proposal to create a legal mechanism, allowing the seizure of virtual assets for the purpose of confiscation.