The Prosecutor General's Office proposed equating crypto to property

The Prosecutor General's Office considers it necessary to recognize cryptocurrency as property, which will allow it to be included in proceedings under the Criminal Code of Russia.

Prosecutor General Igor Krasnov believes that the uncertain status of crypto-assets and online platforms for cryptocurrency transactions does not allow them to be included in criminal proceedings, to monitor and suppress anonymous transactions and criminal operations. 

Today, the Russian Federation Law “On Digital Financial Assets” recognizes digital assets as “a set of electronic data contained in an information system.” According to the laws “On Insolvency (Bankruptcy)” and “On Anti-Corruption”, digital currency is already recognized as property. Such discrepancies in the legislative framework prevent law enforcement officers from investigating financial crimes related to digital assets. A corresponding bill on the recognition of property, taxation and mandatory declaration of digital assets was submitted to the State Duma at the end of last year, but the document has not yet been considered.

The prosecutor's office is already working on a bill on confiscation of crypto assets obtained illegally. According to Krasnov, cryptocurrency is often used to “launder stolen budget funds” and the department must counteract this legally. 

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