Russian secret service wants more power in seizing cryptocurrencies

Russian intelligence wants more power when it comes to seizure of cryptocurrency and crypto wallets, as we can see more in today’s crypto news.

In an interview with Russian media, the chairman of the committee, Alexander Bastrykin, stated that the decentralized nature of the issuance of digital currencies does not allow the state to fully control the region.

Bastrykin claims that law enforcement agencies can, in some cases, use existing laws to confiscate and freeze coins with bank accounts, securities and funds as much as possible. Decentralization is a problem for agents and employees trying to do so, as government control forces them to seek help from crypto companies in special legal circumstances to move funds to wallets while a lawsuit is ongoing. In the nine months, the committee of inquiry said it had dealt with 331 cases with special legal status.

In order to be able to control crypto assets more effectively, Bastrykin added that Russian intelligence agents must be able to transfer tokens from control of criminal cases to state control. He said this could be done by introducing amendments to the criminal law that would allow a court to order a person to transfer crypto assets to a special crypto account in the will that takes place at the end of the trial. Failure to comply will be considered a criminal offense. On the other side of the border, the head of Ukraine’s cyber regulator has called for the legalization of cryptocurrencies, claiming that this will give police more opportunities to conduct their investigations. The online black market, according to the network manager, which uses crypto assets, while crypto is still an area of ​​law in Ukraine.

As recently reported, after Chinese authorities banned cryptocurrency trading by allowing them to engage in illegal financial activities, local crypto miners dropped the radar and turned to other countries to help them continue their business. The United States became the leader in BTC mining volume with 35.4% market share, while Kazakhstan currently ranks second and Russia ranks third. It’s not surprising as Russia has some advantages, which means it conducts crypto operations in the country, and that’s pretty lucrative for miners. There is cheap electricity and friendly legislation.