Lawmakers propose tougher penalties for crimes involving cryptocurrencies

The Council of Legislators of the Russian Federation will develop proposals to strengthen penalties for crimes involving digital currencies, according to Konstantin Tolkachov, head of the council’s commission on legislative support of national security and anti-corruption, as reported by “TASS”.

He said that “underground currency operations” and the use of cryptocurrencies to finance illegal activities could cause significant economic damage to the Russian Federation.

Tolkachov believes that Russian legislation does not adequately address crimes related to digital currencies.

“The legalization of cryptocurrencies creates conditions for a substantial growth of citizens’ investments in a highly speculative instrument that has no underlying collateral and could burst at any moment,” he added.

Vasily Piskarev, head of the State Duma Committee on Security and Anti-Corruption, announced work on regulating the status of platforms used for anonymous cryptocurrency turnover:

“Digital currency is a value because it is used as a means of payment, but today the law lacks an institute that would ensure the seizure of these virtual values if necessary. This is a gap in the law. This situation must be brought within the framework of the law.”

Earlier, Russia’s Prosecutor-General Igor Krasnov stated that cryptocurrencies should be included in criminal law for investigating theft cases and the possibility of seizure.

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