Russia’s Prosecutor General Wants Cryptocurrency Recognized as Property Under Criminal Law

Russia’s Prosecutor General Wants Cryptocurrency Recognized as Property Under Criminal Law

The Prosecutor General’s Office of Russia has proposed to define cryptocurrency as property in the country’s Criminal Code. Decentralized digital money has already been qualified as such in the provisions of several other laws although various aspects of cryptocurrencies remain unregulated. Prosecutors in Russia Draft Legislation Granting Cryptocurrency Property Status

The Prosecutor General’s Office of the Russian Federation has prepared a draft law to recognize cryptocurrency and other virtual assets as property. The legal definition will be used in court proceedings within the framework of the Criminal Code, Russia’s Prosecutor General Igor Krasnov explained in the State Duma, the lower house of parliament.

Krasnov also expressed concerns over the growing use of modern financial technologies to commit crimes which, in his view, is facilitated by existing gaps in the legal regulation of this particular field. Quoted by the Interfax news agency, he further elaborated: The status of online platforms that provide an opportunity to buy and sell cryptocurrency anonymously has not been determined yet, and the issue of classifying virtual assets as property for the purposes of criminal proceedings has not been resolved.

The Prosecutor General unveiled that his department has already taken the initiative and drafted a bill that would regulate the matter, adding that he would be grateful if lawmakers support it. So far, digital currencies such as bitcoin have been recognized as property under several other Russian acts, including the laws on bankruptcy and on enforcement proceedings, within the anti-money laundering legislation, as well as the anti-corruption law.

In December last year, a bill aiming to define digital currency as property for taxation purposes was submitted to the Duma. The draft law was supposed to introduce a legal obligation for Russian citizens to report cryptocurrency holdings on their tax returns but the legislation has not yet been adopted, the report notes.

Cryptocurrencies remain only partially regulated in the Russian Federation, mainly through the law “On Digital Financial Assets” which went into force in January of this year. While it introduced terms and rules pertaining to cryptocurrency and related activities like “digital currency issuance,” it doesn’t deal with other areas such as crypto mining or payments, for example.

While the idea of recognizing mining as an entrepreneurial activity has been gaining support among officials in Moscow, Bank of Russia remains firmly opposed to allowing the free circulation of cryptocurrencies in the Russian economy. The head of the monetary authority, Elvira Nabiullina, recently stated that the digital ruble, which is currently under development, is what Russian citizens actually need while again rejecting cryptocurrencies that, as she insisted, pose risks to financial stability. Tags in this story bill, Criminal Code, Crypto, Cryptocurrencies, Cryptocurrency, Digital Assets, Digital Currencies, Digital Currency, draft law, Duma, financial technologies, Igor Krasnov, lawmakers, Legislation, parliament, property, proposal, prosecutor, Prosecutor"s, prosecutor"s office, Russia, russian, State Duma

Do you think Russian deputies will back the Prosecutor General’s proposal to define cryptocurrency as property under the country’s Criminal Code? Tell us in the comments section below. Famed Economist Doubts Bitcoin Will Become Global Currency REGULATION | 6 hours ago Federal Reserve Governor Argues Against Subjecting Stablecoins to Full Banking Regulation REGULATION | 8 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFamed Economist Doubts Bitcoin Will Become Global Currency Next articleBlockchain-Based Social Network Viblos to Launch Beta Version in March 2022 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 ItDCG Mining Subsidiary Foundry Launches Range of Services for 20 Crypto Staking Networks

Foundry, the Digital Currency Group (DCG) subsidiary and cryptocurrency mining and consulting firm from Rochester, New York announced the launch of a new platform on Wednesday called Foundry Staking. The company says the product currently supports 20 blockchain networks and ... read more.Sotheby’s to Bring Down the Hammer in Ethereum on 2 Iconic Banksy Paintings Austria Plans to Tax Cryptocurrencies Like Stocks, Vows Equal Treatment Terra to Burn $4.5 Billion Worth of LUNA From Community Pool Ripple Launching Liquidity Hub Despite SEC Lawsuit Over XRP