November 27, 2022

The legal mechanism for the seizure of cryptocurrencies will appear in Russia before the end of 2021

The Russian Ministry of the Interior announced that the legal mechanism for the arrest of cryptocurrencies over which the department and several other government agencies are working, it will be presented before the end of 2021.

"In the decision of the board of the Ministry of the InteriorThe Russian Federation has included a clause providing for instructions to interested departments of the Ministry of Internal Affairs of Russia in cooperation with federal executive bodies with the participation of the Supreme Court of the Russian Federation to formulate proposals on the legal mechanism for the seizure of virtual assets in order to confiscate them by the end of 2021, ”the statement said.

The Ministry of Internal Affairs is working on a mechanism for the seizure of crypto assets together with Rosfinmonitoring, the General Prosecutor's Office, the Investigative Committee, the Ministry of Justice, the FSB, the Federal Customs Service and the Federal Security Service, with the participation of the Supreme Court.

For the first time on the development of a mechanism for the arrest of cryptocurrenciesin Russia it became known in early November. Then it was noted that the number of crimes using crypto assets is steadily growing, therefore, it is necessary to develop an appropriate mechanism for their confiscation by court decision.