New Law Empowers Russian Courts to Seize Cryptocurrency
According to Kommersant, Russian president Vladimir Putin has signed a new law empowering courts to confiscate cryptocurrency during criminal investigations. This marks a significant step in Russia’s evolving digital asset regulation framework.
Cryptocurrency Officially Classified as Intangible Property
The new legislation defines cryptocurrencies like Bitcoin as intangible property, providing a legal foundation for law enforcement to handle digital assets. Deputy Justice Minister Elena Ardabyeva explained that the law formalizes existing confiscation procedures and creates a legal pathway for cooperation with overseas crypto exchanges.
Potential Block on Foreign Exchanges
Under the law, authorities must specify the token type, amount, and wallet address when requesting confiscation. Experts suggest this could signal Russia’s move toward tighter control over offshore crypto platforms, potentially restricting access to foreign exchanges as early as this year.
Entering a New Phase of Crypto Regulation
- Cryptocurrency now part of criminal code
- Clear procedures for asset seizure established
- Cooperation framework with international exchanges formed
- Enhanced tracking and freezing capabilities for digital assets
The implementation of this law indicates Russia’s accelerating efforts to build a comprehensive crypto regulation system, strengthening state control over digital finance.