Russia is making new regulations, approaching Bitcoin (BTC) and cryptocurrencies in the face of sanctions imposed after the invasion of Ukraine.
Russia’s Justice Ministry has prepared a draft law that would classify Bitcoin and cryptocurrencies as property subject to seizure, local news agency Tass reported.
This bill facilitates the seizure and subsequent confiscation of cryptocurrencies like Bitcoin and classifies them as property.
The draft law was first introduced by Russian Deputy Justice Minister Vadim Fedorov, who attended the St. Petersburg International Law Forum (SPILF).
Fedorov explained that this bill will determine the necessary procedures and considerations to facilitate and accelerate the confiscation of BTC and cryptocurrencies.
“The Department of Justice has prepared a bill that would classify digital currencies as property for purposes of seizure and subsequent forfeiture.
This bill will speed up the seizure and confiscation of digital assets.
Because digital assets cannot be physically seized and placed in a safe, as is the case with cash and valuables. This made their transactions difficult.”
*This is not investment advice.