Bill ‘On Digital Currency’ includes Ministry of Internal Affairs proposals on the seizure of cryptocurrencies

The Russian Ministry of Internal Affairs has approved revised draft laws on regulating cryptocurrencies. This was reported by «РИА Новости», citing the ministry’s press service.

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The documents “On Digital Currency” and “On Amendments to Certain Legislative Acts of the Russian Federation in Connection with the Adoption of the Federal Law On Digital Currency”.

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The drafts take into account proposals from the Ministry of Internal Affairs. They concern the seizure of digital currencies by court order within criminal proceedings and the creation of a dedicated wallet to store confiscated and seized assets.

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The ministry noted that questions concerning how exchanges will implement court-ordered seizure and regulate the storage of seized assets are being worked out.

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Earlier reports indicated that the Finance Ministry, which is developing the ‘On Digital Currency’ bill, supported a number of proposals from the Federal Tax Service, the Federal Security Service and the Ministry of Internal Affairs. The latter indicated that the document does not fully regulate exchanges’ execution of court orders to seize cryptocurrencies and the creation of wallets for storing confiscated assets.

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The bill provides for conducting operations with digital currencies through Russian banks, the identification of crypto wallet holders and the separation of investors by qualifications. In April the Finance Ministry introduced a number of changes to the document.

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