Russia is preparing new legislation aimed at streamlining the process of confiscating digital assets.
The proposed bill intends to clarify and enhance the legal framework for seizing cryptocurrencies and other digital property in criminal cases. This move reflects the government’s growing focus on regulating the digital asset space amid rising concerns about illicit activities involving cryptocurrencies.
Russia Drafts Law To Seize $BTC Assets
New bill classifies crypto as property, enabling digital asset confiscation during legal cases.
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The draft bill seeks to empower law enforcement agencies with clearer authority to identify, freeze, and confiscate digital assets linked to criminal offences. It aims to address existing legal ambiguities that complicate asset recovery in cybercrime, money laundering, and fraud investigations. By establishing explicit procedures for handling digital assets, the legislation hopes to improve the efficiency of asset forfeiture and reduce opportunities for criminals to hide illicit gains in cryptocurrencies.
Rosfinmonitoring official Olga Tisen clarified that cryptocurrency transactions are not truly anonymous, as exchanges frequently assist law enforcement with wallet owner information, a vital practice given Russia’s lack of complete crypto exchange regulations.
Under the proposed rules, authorities would have the power to access wallets, exchanges, and other digital platforms to trace and seize assets. The bill also outlines measures to ensure proper valuation and management of confiscated digital property. This includes provisions for converting seized cryptocurrencies into fiat currency if necessary, facilitating their integration into the state’s asset recovery process.
Russia plans to create a controlled cryptocurrency exchange specifically for “super-qualified investors.” This initiative, spearheaded by the Finance Ministry and Central Bank, aims to regulate crypto trading within a three-year experimental legal framework. However, it will not be available to the general public. While the definition of a “super-qualified investor” is still being finalized, current proposals involve significant asset or income thresholds.
This development signifies Russia’s cautious approach to integrating cryptocurrency into its financial system despite an existing ban on its use for payments, reflecting ongoing efforts to balance innovation with regulatory control.
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