The Russian Attorney General’s Office proposed to define cryptocurrency as property in the country’s Criminal Code. Although all aspects of cryptocurrency are still unregulated, decentralized digital currencies have already qualified under several other laws.

Draft legislation granting cryptocurrency property status by Russian prosecutors

this Office of the Attorney General The Russian Federation has prepared a draft law to recognize cryptocurrencies and other virtual assets. propertyRussian Attorney General Igor Krasnov explained in the State Duma of the Lower House of Parliament that the legal definition will be used in court proceedings within the framework of criminal law.

Krasnov also expressed concern about the increasing use of modern financial technology to commit crimes. In his view, gaps in legal supervision in this particular area promote crime. Interfax News Agency quoted him as saying that he further elaborated:

The status of online platforms that provide the opportunity to buy and sell cryptocurrencies anonymously has not yet been determined, and the issue of classifying virtual assets as property for criminal litigation purposes has not been resolved.

The Attorney General revealed that his department has taken the initiative and drafted a bill to regulate the matter, adding that he would be grateful if legislators supported it. So far, digital currencies such as Bitcoin have been recognized as property by several other Russian laws, including the bankruptcy law and law enforcement procedures in the anti-money laundering legislation, and the anti-corruption law.

In December last year, a bill aimed at defining digital currencies as tax assets was submitted to the Duma. The report pointed out that the draft law should have provided Russian citizens with a legal obligation to report cryptocurrency holdings in their tax returns, but the legislation has not yet been passed.

Cryptocurrency is only partially regulated in the Russian Federation, mainly through the “digital financial assets” law that took effect in January this year. Although it introduces terms and rules related to related activities such as cryptocurrency and “digital currency issuance,” it does not involve other areas such as cryptocurrency mining or payment.

Although there are more and more ideas about mining as an entrepreneurial activity support Among Moscow officials, the Bank of Russia remains firm be opposed to Allow cryptocurrency to circulate freely in the Russian economy. Elvira Nabiullina, the head of the monetary authority, recently stated that the digital ruble currently being developed is what Russian citizens really need, and that cryptocurrency is once again rejected. As she insists, cryptocurrency poses a risk to financial stability.

Do you think that the Russian representative will support the Prosecutor General’s proposal to define cryptocurrency as property under the country’s criminal law? Tell us in the comments section below.

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