The Russian Prosecutor General suggested recently that cryptocurrencies consider property under criminal law. This is not a new idea, since decentralized digital currency is still considering against different legal standards.
However, cryptocurrency remains an unregulated area. It will be interesting to see what the Attorney General will do.
Criminal Law Encryption Property
A new draft has been prepared by the Attorney General’s Office that defines how encryption and other virtual assets should treat as property. This will give the courts legal definitions when prosecuting crypto fraud and other illegal activities.
Igor Krasnoc (Igor Krasnoc), who was the official who spoke about the matter, expressed his concern over illegal activities in outer space. This is due to a lack of regulation and too many loopholes within the system. There are also many other regulations such as on the US regulator crypto assets.
Many platforms still offer the ability to purchase and sell cryptocurrency without requiring identification. This is an urgent issue that authorities need to address in the future. Although the Attorney General stated that they take initiative to draft a bill, he did not deny that it was done. It’s great if the legislators agree to it.
Russia has many laws that treat Bitcoin and crypto-related assets like property. This includes bankruptcy and anti-money laundering laws. This means that encryption that involves such bad things will treat as property and not currency criminal law.
Regulation For Cryptocurrency
Officials in Moscow have supported the idea of mining as an entrepreneurial activity, however. Russian banks are against cryptocurrencies allowing to circulate freely within their financial system. Elvira Nabullina, the head of the Russian financial authority, stated recently that the rising digital ruble is what Russians really want and rejected the existence of cryptocurrency. He insists that cryptocurrencies are a threat to currency stability.
Each country will have its own way of regulating cryptocurrency in the future. It is certain that the state and its citizens will benefit from any regulation of cryptocurrencies. We can already see that the Russians regard cryptocurrencies and virtual assets like criminal law property.
The Russian Federation only partially regulates cryptocurrencies, mainly through the regulation on “digital financial asset” that implement in January. It introduces guidelines and phrases related to cryptocurrency and related actions, such as “issuing virtual currencies”. It doesn’t consider other areas such as mining or cryptocurrency funds or payment with cryptocurrency.
They will have the appropriate set of laws in place to handle the case the next time it goes to court. It may also use to determine the tax due on cryptocurrencies within the country. It can pay in the same manner as taxes on real property or homes.
