Main meals
- The Russian Ministry of Justice is building a framework to control digital currencies and its confiscation related to the illegal activity.
- The proposed legislation aims to face challenges in confiscating digital assets by allowing law enforcement to seize arrival and granting transactions.
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The Russian Ministry of Justice has drafted a draft law that would formally deal with digital currencies, such as Bitcoin, as property that can be seized and confiscated in criminal investigations, as announced by Fedorov, the Russian Deputy Minister of Justice, during a legal forum that focuses on the challenges clarified by new technologies.
The bill, first I mentioned By Tass, the law enforcement allows the seizure of physical devices, such as devices portfolios or storage engines, which contain access to digital currencies. Investigators will also enable the request of court orders to prevent encryption transactions.
“The bill (the bill) proposes special requirements to ensure the safety of these assets-depending on the specific properties of the digital currency, the investigator will be able to seize a physical device that contains arrival symbols or a ban on the court imposition on transactions,” Fedorov said.
The proposed legislation is part of the Russian government’s efforts to update criminal justice tools in response to the increasing role of digital assets in financial crimes.
Fedorov said that the authorities aim to close the legal gaps that are currently difficult to implement the law to deal with the assets of encryption participating in the crime.
By realizing the technical complexity of dealing with encryption, the draft law calls for the participation of specialists who can determine the best ways to secure digital assets while ensuring that they remain intact to confiscate in the future or compensate the victims.
The draft law is in preparation for the first reading in Douma, the State, the Council of Lower Parliament in Russia.
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