Russian law enforcement prepares to confiscate cryptocurrencies, asks permission to set up wallets

Russian investigators are pressuring Moscow’s parliament and government to allow them to open their own crypto wallets. Thus, law enforcement agencies can confiscate digital assets in criminal cases and sell them on the market, as US and European authorities have done.


Russian Prosecutors Lobby for Right to Confiscate and Auction Cryptocurrencies

The Office of the Prosecutor General of the Russian Federation has proposed allowing investigative agencies to set up accounts and encrypted wallets under its control to store confiscated digital coins, which can later be sold for the benefit of the state.

Madina Dolgiyeva, a representative of the General Directorate of Criminal Procedure, told the Federation Session of the upper house of the Russian parliament that granting such powers does not even make it necessary to change the law.

“The Prosecutor General’s Office of Russia has always supported the development and optimization of the confiscation mechanism as another procedural measure. We can allow investigative agencies to open their own encrypted wallets and accounts,” Dolgieva said during the roundtable discussion.

This can be done by government decree, Dolgieva further explained:

“There is no need to amend the criminal procedure law because it is a long process.”

She also believes that it is necessary to issue a separate government decree or modify the enforcement procedures of existing laws to authorize the Russian Federal Marshals Service to auction money, electronic confiscation.

Dolgieva’s proposals come after the head of Russia’s Prosecutor General’s Office, Igor Krasnov, earlier this week required exchanges offering services to Russian clients to register in the country and share user data with Russian law enforcement.

Krasnov also called for more comprehensive regulation of digital assets in Russia, emphasizing that simply considering cryptocurrencies as an asset is not enough to combat criminal activities in the current difficult international situation, which he believes increases the risk of exploitation through cryptocurrencies. risk.

Law enforcement agencies in the United States and Europe have developed procedures for the seizure and sale of crime-related assets. A few days ago, the U.S. Department of Justice said it had seized more than $112 million worth of cryptocurrencies linked to fraudulent investment schemes. Last July, Finnish customs announced that it had sold more than $50 million worth of confiscated bitcoins.

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