Russia Approves To Create A Special Wallet To Manage Seized Cryptocurrencies

Key Points:

• Russian investigators are pressing parliament and the government in Moscow to allow opening their crypto wallets to manage the seized cryptocurrencies.
• This will allow law enforcement agencies to seize digital assets in criminal cases and sell them for the country’s benefit.
• This is also what European countries and the United States have done.

The Office of the Prosecutor General of the Russian Federation is putting pressure on the parliament and the Moscow government to allow them to set up crypto accounts and wallets to store cryptocurrencies seized in criminal cases. These cryptocurrencies can then be sold for the benefit of the country.

Madina Dolgieva, the representative of the Criminal Procedure Department of the Prosecutor General’s Office, believes that this can be achieved by government decree and without the need to amend the Criminal Procedure Code, which is a process. Castle. She also believes it is necessary to issue a separate government decree or amend the existing law on law enforcement procedures to authorize the Marshal Service of the Russian Federation to auction confiscated cryptocurrencies.

Igor Krasnov, the director of Russia’s Prosecutor General’s Office, had urged that cryptocurrency exchanges serving Russian consumers be required to register in the nation and share user data with Russian law enforcement. Dolgieva made the comments in response to her demands.

Procedures to confiscate and sell cryptocurrency assets used in criminal activity have already been created by American and European law enforcement organizations. The U.S. Justice Department said a few hours ago that it had confiscated a few cryptocurrencies worth over $112 million that were connected to shady investment schemes.

On April 9, Igor Krasnov, the head of the Office of the Attorney General of Russia, said that crypto service providers must be registered in Russia and that cryptocurrency exchanges are obliged to share personal information with this country’s security services.

He believes that simply granting crypto asset status under Russian law is not enough to combat the legalization of criminal funds. Krasnov called for the regulation of crypto-assets and the addition of illegal activities related to cryptocurrencies to Russia’s criminal law, including recognition that cryptocurrencies can be subject to crime and embezzlement as establishing state procedures for seizing, storing and confiscating cryptocurrencies.

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