Fun

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

News Feed - 2023-04-10 04:04:08

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

News Feed

Ezra Reguerra15 hours agoBNB Smart Chain scam losses dropped 75% in Q3: ReportSecurity firm HashDit says the lower amount lost to scams on BSC could be due to an uptrend in security products addressing the threat.1963 To
Bitcoin falls under $60K as investors' global economic slowdown concerns rise
Marcel Pechman5 hours agoBitcoin falls under $60K as investors" global economic slowdown concerns riseFear of a global economic recession continues to drive investors away from risk-on assets like Bitcoin.4979 Total view
Biggest Movers: LTC Hits Highest Point Since June, as APE Climbs to 3-Week High
Biggest Movers: LTC Hits Highest Point Since June, as APE Climbs to 3-Week High Litecoin rose to a three-month high in today’s session, following a breakout of a key resista
Tristan Greene2 hours agoChatGPT can now browse the internet, no longer limited to info from 2021The browsing update is limited to Plus and Enterprise subscribers for now but will roll out to all users “soon,” says O
Jameson Lopp: Most don’t realize how easy self-custody has become
Derek Andersen7 hours agoJameson Lopp: Most don’t realize how easy self-custody has becomeCypherpunk Jameson Lopp is making sure there are viable custody solutions that prioritize the user.1025 Total views10 Total shar
Solana Sweeps Lows But Recovers – Can Bulls Reclaim $185 by Friday?
Este artículo también está disponible en español. Solana has experienced intense selling pressure, now trading at its lowest levels since November 2024 and erasing all th
4 tips that’ll keep your crypto safe from hackers this bull market
Jesse Coghlan1 hour ago4 tips that’ll keep your crypto safe from hackers this bull marketFrom choosing a secure exchange to setting up DeFi protocols security, security sages have shared their top tips so you can keep
OCC’s Brian Brooks Against Government Issued Digital Dollar – Supports Regulation of Privately Issued Stablecoins
OCC"s Brian Brooks Against Government Issued Digital Dollar – Supports Regulation of Privately Issued Stablecoins The acting director of the U.S. Office Comptr
US Regulators Close Silicon Valley Bank in One of the Largest Bank Failures Since Washington Mutual
US Regulators Close Silicon Valley Bank in One of the Largest Bank Failures Since Washington Mutual After Silicon Valley Bank (SVB) experienced financial turmoil, the U.S. Federal
UK body proposes property category for crypto assets, SEC sued over status of NFTs: Law Decoded
Josh O"Sullivan2 hours agoUK body proposes property category for crypto assets, SEC sued over status of NFTs: Law DecodedThe Law Commission’s final report urges the UK government to reclassify crypto assets, addressing
Insights from Token2049: How crypto wealth is made
Marco Castrovilli6 hours agoInsights from Token2049: How crypto wealth is madeAttendees at Token 2049 in Dubai shared their personal stories on how they became rich.460 Total views14 Total sharesCointelegraph YouTube Sub
SEC’s Court Hearing on Telegram Token Delayed Till Next Year
Telegram will have to wait to make its case to the U.S. Securities and Exchange Commission (SEC) that its “gram” token is not a security. According to the latest court f