AIBC

Russia introducing rules to confiscate crypto – report

Posted:Jul 08, 2021 07:18 Category: Europe , Regulatory , Posted by
Ravindu Dabarera

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.

Next up: Malta Week

Don’t miss out on amazing networking opportunities and exclusive industry insights at Malta Week. Four leading shows will bring the best of the business back-to-back to a first-class meeting point. Malta Week will consist of SiGMAAIBCMed-Tech World and AGS, each presenting the top developments of their focal industries.

The cross-collaboration of each brand make Malta Week the number one destination for leading think-tanks of the gaming sector, emerging tech, digital health and digital marketing. The middle of the Mediterranean is the perfect place for multi-faceted business deals and face-to-face conversations with leading affiliates, policymakers and thought leaders.

Related Posts

An unfinished battle: Coinbase vs…

Stuart Alderoty, Ripple’s chief legal officer, has expressed his belief that Coinbase’s ongoing legal battle with the US Securities and…