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Attorney General’s Office wants to see ‘cryptocurrency’ in Russian law – Bitcoin News

By on December 10, 2021 0

The Attorney General’s Office of the Russian Federation has insisted that the term “cryptocurrency” be added to the country’s legislation. The move would allow authorities in Moscow to confiscate digital assets implicated in criminal activity.

Russian Attorney General’s Office Prepares Amendments Allowing Cryptocurrency Seizure

As cryptocurrencies are only partially regulated by the “Digital Financial Assets” law, work is underway in Russia to pass legislation introducing comprehensive rules for the turnover of bitcoin and the like. The Russian Attorney General’s Office has joined these efforts because it wants the term “cryptocurrency” to be added to legal texts.

“We have drafted amendments to a number of regulatory legal acts so that cryptocurrencies in illegal circulation are not only recognized as the subject of a crime, but that there is also a legal possibility of their being the object of crime. arrest and their confiscation, “Russian Prosecutor General Igor Krasnov said in a statement. interview with the RIA Novosti press agency.

Russian lawmakers are considering further legislative changes to establish an appropriate legal framework for cryptocurrencies. A number of activities related to digital coins remain outside the scope of the current law, including taxation, mining and payments, for example.

There have been growing calls among officials in Moscow to recognize cryptocurrency mining as an entrepreneurial activity and tax it accordingly. At the same time, the Central Bank of Russia (CBR) remains opposed to the legalization of digital currencies as a means of payment. The regulator claims that these are “money substitutes” which are banned in Russia.

The monetary authority is currently developing a digital version of the national decree, insisting that this is exactly what the Russians need. The digital ruble will provide a reliable and inexpensive payment solution that also protects personal data, CBR official Elvira Nabiullina promised in November. The Bank of Russia plans to start testing for the CBDC in January 2022.

Last month, Russia’s Attorney General’s office also proposed to recognize cryptocurrency and other virtual assets as property in the country’s criminal code. Igor Krasnov explained to the State Duma, the lower house of parliament, that the legal definition will be used in court proceedings.

Krasnov also revealed that his department had already drafted a bill that would regulate the issue and expressed hope that lawmakers would back it. Digital currencies such as bitcoin have been recognized as property under several other Russian laws such as the country’s bankruptcy and enforcement laws, anti-money laundering legislation, and the country’s anti-corruption law.

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Do you expect Russia to add the term “cryptocurrency” to its legislation? Share your thoughts on the subject in the comments section below.

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