December 2, 2021

In Russia, a mechanism is being developed for the confiscation of cryptocurrencies

In Russia, a mechanism is being developed for the confiscation of cryptocurrencies

The Ministry of Internal Affairs of the Russian Federation began to develop a mechanism for the arrest and seizure of digital assets. how specifies the RBC agency, in the development of suchThe system involved not only the Ministry of Internal Affairs, but also other power structures: Rosfinmonitoring, the Prosecutor General’s Office, the Investigative Committee, the Justice Ministry, the FSB, the Federal Customs Service and the Federal Security Service with the participation of the Supreme Court.

Russian law enforcement agencies intend to developan effective mechanism that creates an opportunity for authorities to seize cryptocurrency and other digital assets. According to informed sources, the method of confiscating virtual currencies will be developed before the end of 2021.

However, in addition to the technical difficulties of working with cryptocurrency, the solution to this problem is still complicated by the uncertain status of digital assets, both in the Russian Federation and around the world.

How to confiscate non-confiscated?

In the work of creating a legal mechanismthe confiscation of digital assets is attended by the Ministry of Internal Affairs, Rosfinmonitoring, the Prosecutor General’s Office, the Investigative Committee, the Ministry of Justice, the FSB, the Federal Customs Service and the Federal Security Service. Moreover, development assistance should be provided by the Supreme Court of the Russian Federation. Preparatory work should be completed by December 31, 2021. The cyber security company Group-IB has verified this information.

According to experts to digital orcryptocurrencies will be primarily assigned to virtual assets. In Russia, there has been a trend of a steady increase in the number of crimes committed using virtual assets, which forces law enforcement agencies to tighten control measures, even before a clear legislative determination of the status of cryptocurrency.

In Russia, a mechanism is being developed for the confiscation of cryptocurrencies

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However, at the stage of arrest and confiscationsecurity officials will raise the issue of legalization of digital assets. For confiscation, cryptocurrency must be classified as cash or as a commodity, or as the equivalent of money. All laws adopted or under development until they can provide such a clear definition, which means they will raise the question of the possibility of arrest and confiscation of bitcoin and other cryptocurrencies.

Recall that the Chinese authorities have softened their approach to cryptocurrency mining and canceled the planned ban on the “mining” of bitcoin in the country.

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