Russian Law Enforcement Prepares to Seize Crypto Assets, Seeks Permission to Set Up Wallets

Russian Law Enforcement Prepares to Seize Crypto Assets, Seeks Permission to Set Up Wallets

Russian investigators are pressing the parliament and government in Moscow for permission to open their own cryptocurrency wallets. This would allow law enforcement agencies to seize digital assets during criminal cases and eventually sell them, something that authorities in the United States and Europe already do. Russian Prosecutors Lobby for Powers to Confiscate and Auction Cryptocurrencies

The Prosecutor General’s Office of the Russian Federation is proposing to allow investigative bodies to set up crypto accounts and wallets under their control for storing seized digital coins that can later be sold for the benefit of the state.

Speaking in the Federation Council, the upper house of Russian parliament, a representative of the Office’s Main Criminal Procedural Department, Madina Dolgieva, insisted that there’s no need to even change the law to grant such powers.

“The Prosecutor General’s Office has consistently advocated for the development and optimization of the confiscation mechanism as another procedural measure,” Dolgieva said during a round table discussion. She was quoted by the Interfax news agency as stating: We can allow the investigating authorities to open their own cryptocurrency accounts and wallets.

This can be done through a government decree, Dolgieva elaborated. “It is not necessary to make changes to the Criminal Procedure Law because this is a lengthy process,” the law enforcement official explained.

She also believes that it’s necessary to issue a separate government decree or amend the current law governing enforcement proceedings in order to authorize the Russian Federal Bailiff Service to auction seized cryptocurrency.

Dolgieva made the suggestions after the head of Russia’s Prosecutor General’s Office, Igor Krasnov, demanded earlier this week that crypto exchanges providing services to Russian customers be obliged to register in the country and share user data with Russian law enforcement.

Krasnov also urged for adopting more comprehensive regulations for digital assets in Russia, insisting that the mere recognition of cryptocurrency as property is not sufficient to combat criminal flows in the difficult international situation now, which he believes increases the risks of exploiting vulnerabilities through crypto.

American and European law enforcement agencies already have established procedures to seize and sell crime-related crypto assets. Days ago, the U.S. Justice Department said it had seized cryptocurrency worth over $112 million linked to fraudulent investment schemes. In July last year, Finland’s customs service announced it had sold forfeited bitcoin worth over $50 million. Tags in this story accounts, authorization, Crypto, Crypto Accounts, crypto wallets, Cryptocurrencies, Cryptocurrency, Decree, investigators, Law, prosecutor, Prosecutor"s, prosecutor"s office, Russia, russian, Wallets

Do you think the Russian government will authorize prosecutors and investigators to open cryptocurrency wallets? Tell us in the comments section below. Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Ordinal Inscriptions Surpass 1 Million Mark, Miners Collect $4.7M in Fees as Bitcoin NFT Trend Continues NEWS | 3 hours ago "Not Related to a Digital Currency" — US Central Bank Addresses Concerns Over Fednow Payment Network NEWS | 10 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleEconomist Jim Rickards Says US Dollar’s Greatest Enemy as Reserve Currency Is the Treasury Next articleOrdinal Inscriptions Surpass 1 Million Mark, Miners Collect $4.7M in Fees as Bitcoin NFT Trend Continues Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing