AIBC

Russia introducing rules to confiscate crypto – report

Posted:: Jul 08, 2021 07:18 Category: Europe , Regulatory , Posted by Jeremy Micallef

Igor Krasnov, the Russian Prosecutor General, announced that they are working on legislation that would give the authorities the power to confiscate illegally obtained crypto

Krasnov insisted that criminals using crypto is a serious issue for the authorities, as reported by Russian news agency TASS. Whilst the country first passed a law regulating digital assets last year, this update will allow the application of “restrictive measures and confiscation to the virtual assets”. This law also deemed crypto a taxable property, and public officials have even been banned from owning it.

According to Krasnov, crypto is increasingly used for bribery, making it even harder to trace than it is with fiat money. In fact, Rosfinmonitoring, Russia’s financial surveillance body, said that they were planning to trace bitcoin cash-outs and add a new classification code for suspicious transactions involving crypto.

Notably, activists and journalists in Russia have been using bitcoin as a fundraising tool.

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