Key dealers
- Russia’s Ministry of Justice builds a framework for controlling and confiscating digital currencies tied to illegal activities.
- The proposed legislation aims to address challenges in confiscating digital assets by allowing law enforcement to seize access codes and block transactions.
Russia’s Ministry of Justice has prepared a bill that would formally deal with digital currencies, such as Bitcoin, which can be seized and confiscated in criminal investigations, which were announced by Vadim Fedorov, the Russian Deputy Minister of Justice Minister, under a legal forum with focus on the challenges that focus on
The bill, first reported Through paw, it would allow law enforcement to seize physical units, such as hardware wallets or storage units, which contain access to digital currencies. It would also allow investigators to request court decisions to block crypto transactions.
“IT (Bill) proposes special requirements to ensure the security of such asset dependence on the specific characteristics of the digital currency, an investigator could take hold of a physical unit containing access codes or requesting a court prohibition against transactions,” Fedorov said.
The proposed legislation is part of the Russian government’s effort to modernize its criminal law tools in response to the growing role as digital assets in economic crime.
Fedorov said that the authorities are aimed at closing legal loopholes that are currently making it difficult for law enforcement to handle crypto assets involved in crime.
By recognizing the technical complexity in the management of crypto, the bill requires commitment to specialists who can determine how best to ensure digital assets while remaining intact for future confiscation or compensation for victims.
The bill is under preparation for an initial treatment in the state Duma, Russia’s lower parliament house.
