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Support CenterNewsRussian Lawmaker Prepare Amendment
Russian Lawmaker Prepare Amendment
2022/03/08 18:01:40

Russian lawmakers are working on new legislation that would allow the government to confiscate cryptocurrencies, according to a senior official. Russian Prosecutor General Igor Krasnov claimed that the government is now developing a set of amendments to the country’s criminal code to allow authorities to seize crypto obtained from illegal activity, local news agency TASS reported.

Speaking at a conference of prosecutors' offices of European countries on Wednesday, Krasnov stressed that cryptocurrencies like Bitcoin (BTC) have been increasingly used for corruption and bribery. The official said that cryptocurrency is also a tool for laundering embezzled budget funds.

"The criminal usage of cryptocurrencies poses a serious challenge in our country," Krasnov said. He claimed that Russia's adopted crypto law "On Digital Financial Assets" (DFA) has played a crucial role in tackling this problem, but new criminal code amendments would bring additional protection. "This would allow the application of restrictive measures and confiscation of virtual assets," Krasnov stated.

According to some local industry experts, no amount of legislation would make it possible for the government to actually seize crypto assets. Nikita Soshnikov, a former senior lawyer at Deloitte CIS and director of Alfacash, told Cointelegraph that it is "obvious that digital assets kept in wallets would be impossible to confiscate like any other type of assets." "However, there is already one landmark case where FSB officers were found guilty for accepting bribes, and the court formally seized 0.1 and 4.70235 BTC as state revenue," he noted.

Soshnikov said that Russia started developing proposals for confiscating crypto back in 2019, years before the DFA law was adopted. "The Prosecutor General's Office remains the key stakeholder of this project, and in such context, the current statement is a mere confirmation of agreed plans," he added.

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