Russian Law Enforcement Submits Proposals to Regulate Seizure of Crypto Assets, Data Sharing – Regulation Bitcoin News

The Russian Ministry of Finance has accepted a number of crypto regulation proposals submitted by the country’s law enforcement departments. They cover a variety of related areas, including the seizure of digital assets and the reporting of information on cryptocurrency transactions.

The Russian Ministry of Finance supports the regulations proposed by law enforcement agencies

The Russian Ministry of Finance (Minfin) has supported some regulatory ideas regarding cryptocurrencies put forward by the nation’s law enforcement services, the Izvestia daily. sleepless this week. The ministry is responsible for drafting legislation that will introduce comprehensive rules for the nation’s crypto space, which is currently only partially regulated.

The new bill “On Digital Currency” is expected to appear before the State Duma, the lower house of the Russian parliament, in May. Various government institutions have provided comments and suggested amendments to the draft, including several relevant ministries, the Federal Tax Service (FNS), and Russia’s financial watchdog Rosfinmonitoring.

Law enforcement departments have also proposed certain provisions relating to their respective fields. For example, the Federal Security Service (FSB) wants to force cryptocurrency exchanges and wallet providers to share information not only with the courts, but also with investigators working on asset-related cases. digital financials.

The Ministry of the Interior (MVD) believes that the draft law “On Digital Currency” does not fully detail the procedure that exchanges must follow when they have to freeze cryptocurrency funds following a court order. The department also calls for the adoption of rules for the establishment of wallets that will be used to store confiscated crypto assets.

According to a document seen by Izvestia, the Minfin has agreed to incorporate the FSB and MVD proposals into the new law. The ministry also accepted the FNS’s suggestion to tighten regulations for cryptocurrency exchanges and unlicensed wallet providers. The tax service wants to ban the advertising of such platforms in Russia.

However, the Finance Ministry has rejected other initiatives by security and tax officials aimed at introducing even stricter rules. The department considers it inappropriate to impose “overly detailed and strict regulation” at this stage of the crypto market’s development, warning that this could lead to an outflow of both customers and investors.

Meanwhile, Prosecutor General Igor Krasnov reiterated his view that digital currency provisions should be added to Russia’s criminal law. This will help law enforcement investigate cases of cryptocurrency theft and seize crypto funds. In his annual address to the Federation Council, the upper house of parliament, Krasnov noted that crime involving virtual assets is on the rise.

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What do you think about the crypto regulation proposals from Russian law enforcement agencies? Let us know in the comments section.

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Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’s quote: “Being a writer is who I am, rather than what I do.” In addition to crypto, blockchain, and fintech, international politics and economics are two other sources of inspiration.

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