Russia to Develop Amendments for Potential Cryptocurrency Confiscation

The Prosecutor General of Russia, Igor Krasnov, has called the “criminal use of cryptocurrencies in the country” a serious challenge and announced that amendments are being prepared to allow for the confiscation of digital assets obtained through criminal activities. He shared this information at a conference of European state prosecutors, according to TASS.

“Currently, work is underway to introduce changes to criminal and criminal procedure legislation. This will make it possible to apply restrictive measures and confiscation to virtual assets,” Krasnov said.

According to him, cryptocurrencies are also being used for corruption purposes:

“The hidden nature of these criminal acts has recently been exacerbated by the use of crypto assets as bribes and by conducting cryptocurrency exchange operations as a way to launder stolen budget funds.”

Last year, Krasnov stated that criminals widely use cryptocurrencies for illegal activities.

For reference, according to Chainalysis, in 2020, transactions related to criminal activity accounted for 0.34% of the total cryptocurrency volume.

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