Russia is Developing Regulations Governing Circulation of Cryptocurrencies
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Dec. 9, 2021

Russia is working on the development of regulations governing the circulation of cryptocurrencies, RIA Novosti has reported citing Russian Prosecutor General Igor Krasnov. He said:

"We have developed amendments to a number of regulatory legal acts so that cryptocurrencies in illegal circulation would not only be recognized as the subject of a crime, but there was also a legal possibility of their confiscation."

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At the same time, the country's Prosecutor General's Office has called for the introduction of the concept of "cryptocurrency" into Russian legislation. Krasnov noted:

"Despite the fact that judicial practice in criminal cases follows the path of recognition of cryptocurrencies as property, it still cannot be recognized as a sufficient circumstance for the formation of a unified and sustainable law enforcement. In my opinion, this should be facilitated by the introduction of the concept of cryptocurrencies and other virtual assets into the criminal legal space through the consolidation of the relevant norms in legislation."

Russian State Duma Speaker Vyacheslav Volodin has earlier proposed the creation of a working group focused on crypto mining.

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