Prosecutor General's Office wants to see cryptocurrency” in Russian law – regulation

The Prosecutor General's Office of the Russian Federation has insisted that the term “cryptocurrency” should be included in the country's legislation. The move would allow Moscow authorities to seize digital assets that have been involved in criminal activity.

The Russian Prosecutor General's Office is preparing changes that will allow the confiscation of cryptocurrencies

Since cryptocurrencies are only partially regulated by the Law “On Digital Financial Assets,” work in Russia is underway to adopt laws that will introduce comprehensive rules for the turnover of Bitcoin and the like. The Russian Attorney General's Office has joined these efforts to include the term “cryptocurrency” in the legal texts.

“We have developed additions to a number of regulatory legal acts so that cryptocurrencies in illegal circulation are not only recognized as the subject of a crime, but also there is a legal possibility of their arrest and seizure “Russian Prosecutor General Igor Krasnov said in an interview with the RIA Novosti news agency.

Russian lawmakers are considering other legislative changes to create an appropriate legal framework for cryptocurrencies. A number of activities related to digital coins remain outside the scope of applicable law, including, for example, taxes, mining and payments.

There have been calls among officials in Moscow to recognize cryptocurrency mining as a business activity and tax it accordingly. At the same time, the Central Bank of Russia (CBR) remains against it to legalize digital currencies as a means of payment. The regulator claims that this “ Monetary replacement “, which are banned in Russia.

The monetary authority is currently developing a digital version of the national fiat and insists that this is exactly what the Russians need. The digital ruble will offer a cost-effective and reliable payment solution that also protects personal data, the head of the CBR, Elvira Nabiullina, promised in November. The Bank of Russia plans to develop processes for the CBDC in January 2022.

Last month, the Russian Prosecutor General's Office also suggested Recognition of cryptocurrency and other virtual assets as property in the country's criminal code. Igor Krasnov told the State Duma, the lower house of parliament, that the legal definition would be used in court proceedings.

Krasnov also revealed that his department has already drafted a bill that would regulate the matter and expressed hope that lawmakers would support it. Digital currencies such as Bitcoin have been recognized as property under several other Russian laws such as the laws on bankruptcy and enforcement proceedings, anti-money laundering legislation and the country's anti-corruption law.

Do you expect Russia to add the term “cryptocurrency” to its legislation? Share your thoughts on this topic in the comments below.

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