{"id":19254,"date":"2023-06-07T03:44:19","date_gmt":"2023-06-07T07:44:19","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/russia-prosecutors-to-get-crypto-confiscation-powers\/"},"modified":"2023-06-07T03:44:20","modified_gmt":"2023-06-07T07:44:20","slug":"russia-prosecutors-to-get-crypto-confiscation-powers","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=19254","title":{"rendered":"Russia Prosecutors to Get Crypto Confiscation Powers"},"content":{"rendered":"
\n

The Russian Prosecutor-General is set to let investigators confiscate crypto and liquidate criminals\u2019 tokens, with the Treasury hoping to benefit.<\/p>\n

But legal experts say the plan could hit a roadblock when prosecutors try to liquidate coins.<\/p>\n

The media outlet Vedemosti first reported on the Prosecutor-General\u2019s proposals back in April.<\/p>\n

Madina Dolgieva, the judiciary director at the Prosecutor-General\u2019s Office, stated that a change in rules would likely be possible \u201cwithout legislative amendments.\u201d<\/p>\n

Amendments would require parliamentary approval.<\/p>\n

And it appears the plan has progressed since April, Stavropol Plus reported this week.<\/p>\n

A leading academic opined that confiscated crypto funds would likely be sent to the Treasury.<\/p>\n

However, the expert said that converting tokens to fiat may prove problematic.<\/p>\n

The media outlet carried quotes from Diana Bersey, an Associate Professor at the Stavropol branch of the Russian Presidential Academy of National Economy and Public Administration.<\/p>\n

Bersey explained:<\/p>\n

\n

\u201cDolgieva believes that the relevant changes can be made \u2018via a government decree.\u2019 That means changes to the criminal code would not be required.\u201d<\/p>\n<\/blockquote>\n

But the academic added:<\/p>\n

\n

\u201c[Dolgieva] also believes that it is necessary to amend laws on enforcement proceedings so that, after [crypto has been confiscated], the Federal Bailiff Service can sell the coins it has seized.\u201d<\/p>\n<\/blockquote>\n

Crypto still has no legal status in Russia.<\/p>\n

But previous court rulings in civil and criminal cases have seen judges rule that coins have \u201cproperty\u201d status.<\/p>\n

Experts claim that prosecutors could adopt a similar view to tokens.<\/p>\n

And that means that they would be able to seize them as \u201cassets.\u201d<\/p>\n

Dolgieva claimed that tweaks to the existing \u201cconfiscation mechanism\u201d would allow \u201cinvestigating authorities\u201d to \u201copen their own cryptocurrency accounts and wallets.\u201d<\/p>\n

She stated that they could use these wallets to hold coins while waiting for court approval to liquidate.<\/p>\n

Russian Prosecutors to Be Given New Crypto Powers \u2013 What Else Is Moscow Planning?<\/h2>\n

Russian lawmakers say they are hopeful of legalizing the use of tokens in international trade.<\/p>\n

They also want to legalize industrial crypto mining before the year is out.<\/p>\n

But the crypto-skeptic Central Bank could yet provide more stumbling blocks.<\/p>\n

Earlier this month, a security firm claimed that almost $300 million worth of crypto trades per day were being offered on Russia\u2019s fast-growing P2P market.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Russian Prosecutor-General is set to let investigators confiscate crypto and liquidate criminals\u2019 tokens, with the Treasury hoping to benefit. But legal experts say the plan could hit a roadblock when prosecutors try to liquidate coins. The media outlet Vedemosti first reported on the Prosecutor-General\u2019s proposals back in April. Madina Dolgieva, the judiciary director at […]<\/p>\n","protected":false},"author":1,"featured_media":19255,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-19254","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nRussia Prosecutors to Get Crypto Confiscation Powers | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The Russian Prosecutor-General is set to let investigators confiscate crypto and liquidate criminals\u2019 tokens, with the Treasury hoping to benefit.But\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=19254\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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