The Interior Ministry is Developing Mechanisms to Stop and Confiscate Cryptocurrencies
Russian federation police are developing a legal mechanism to stop and confiscate “Crypto.” The long period of development – employees must send their proposals before December 31, 2021.
Responsible for the preparation of proposals by the Ministry of Internal Affairs with Rosfinório, the public prosecutor’s office, the investigation committee, the Ministry of Justice, FSB, FCS and FSSP with The The Participation of the Supreme Court.
The concept of “virtual assets” first includes cryptocurrencies. “The tendency for the continuous increase in the number of crimes that use virtual assets and the fragility of individuals of this type of criminal transgression, of course, determines the need to develop legal regulation mechanisms and control the circulation of virtual assets.” Alina Zelinovskaya.
To confiscate encrypted coins, they must be encoded. Currently, they are in the “gray zone” in the Russian Federation and there are no legal standards to work with them. First, virtual currencies must be identified as a commodity or the money equivalent.
The legislative organization has been launched, but it is going very slowly. So, to return to 2017, the development of the digital financial asset law has begun. In May last year, it was adopted by the Duma Council. A new version has been preparing for the second reading for a year and a half.
This document regulates the issuance of responsible digital financial assets responsible. This term also refers to its digital debt securities and sharing rights analogues, which are released by Blockchain. The project also provides the term “digital currencies”, but there is no clear definition of this term.
“If police agencies begin to discuss the confiscation of encrypted currencies, they really launch a mechanism to legitimize encrypted coins in Russia. However, in my opinion, the Bank of Russia will resist it seriously,” says Konstan Golikov, coins expert encrypted.
It should be noted that, in international legal practice, there were positions more than once or twice when encrypted currencies were confiscated by a court decision, although there was no legislative organization.
Players argue about the market that the main way to implement the confiscation mechanism can be international trade agreements and encrypted currency emissions. At the international level, it is necessary to develop a definition of the legal status of virtual assets, as well as uniform patterns to determine the procedures associated with their rotation.
If a confiscation mechanism is developed, virtual assets will be arrested to confiscate it by a court decision by the investigative committee employees, police investigators or FSB officers.
It is true that these solutions may face technical difficulties. First of all, because the holders of encrypted currencies store virtual actives in their encrypted wallets or in the exchange of encrypted currency.
It will be difficult for police entities to reach these assets without knowing the digital key. The owner knows this, but he may or not to say simply. In addition, you will have to prove that the origin of a specific encryption belongs to a specific person.
If encrypted currencies are exchanged, security forces can write an official request to prohibit customer specific funds or transfer money to a special account. But these demands can only be sent to a platform that recognizes the authorities of the Russian police.
In fact, these organizations are only stock market scholarships of the independent countries and China, but even these organizations, in the strict sense of the word, cannot meet the requirements of Russian legislation.
To obtain a place to transfer money from the encrypted currency during the confiscation process, government agencies must create official encryption accounts. In addition to the calculations, there is an important question that is to store money withdrawn, because in most cases it is very volatile.
Experts believe that for these purposes it is useful to create a government encryption exchange and encrypted rubblo at a stable exchange rate, which will be the storage standard.
Although legal cryptocurrencies in the Russian Federation have not been organized at all, there is a precedent for withdrawal.
Therefore, in May 2018, the ninth court of appeal issued arbitration, which considered the case of sale of properties in case of personal bankruptcy, issued a previous decision.
The court decided to oblige the debtor to grant the secretary of bankruptcy to access the encryption portfolio. Consequently, the cryptog currency Rafada was recognized as property.
The second decision was issued by a court in Nijni Tajil. He considered that the promoter’s claim to identify information related to the encrypted Tajilin currency is prohibited.
In particular, the public prosecutor pointed out that the implementation of data on encrypted currencies contributes to the growth of the dark economy and increases the risk of cryptocurrencies involved in criminal plans.
However, the court refused to comply with the public prosecutor’s request, noting that information on cryptocurrency is not prohibited.
Well, in February 2019, the Supreme Court has already ruled that legitimacy legitimacy is also applied to encrypted currencies.
By the way, Russian politicians are not only considered, but also international organizations, cryptocurrencies are a threat.
The Chief of International Monetary Fund said: “I think the sabotage elements and everything that uses distributive teacher technology calls cryptocurrencies, actives and coins, everything they want clearly harms the system,” said the boss boss of the International Monetary Fund.
She stated that the main changes in the country’s financial resources related to these technologies cannot occur without observing regulators.