Cryptocurrency may be confiscated in Russia – financial magazine

Russia is preparing amendments to the legislation on the possibility of confiscating cryptocurrency assets that have become sources of proceeds from criminal activity, Russian Prosecutor General Igor Krasnov said on Wednesday at a conference of heads of prosecutors of European states in St. Petersburg.

According to him, a serious challenge is the criminal use of cryptocurrencies in our country, and a significant step in overcoming this problem was the adoption in July 2020 of the federal law “On digital assets”, writes TASS.

Cryptocurrencies are used for corruption purposes as bribes, as well as for laundering stolen budget funds, Krasnov said.

“Currently, work is underway to amend the criminal and criminal procedural legislation. This will allow for restrictive measures and confiscation of virtual assets, ”he added.

Last year, Krasnov said that criminals widely use cryptocurrencies for illegal activities.

Russian law enforcement agencies regularly and in the same vein speak out about cryptocurrencies, says Mikhail Tretyak, partner of the law firm Digital Rights Center. In his opinion, such a radical position of law enforcement officers will lead “only to the flight of the crypto business to other jurisdictions.”

Bona fide persons who will store digital currencies on exchanges or regulated depositories may suffer from the introduction of the law – their digital currencies can theoretically be withdrawn through these regulated participants, warned Alexander Guskov, partner of Guskov & Associates.

Recall, according to Chainalysis, in 2020, crime-related cryptocurrency transactions accounted for 0.34% of the total volume.

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