Russia Considers Legislation to Classify Cryptocurrencies as Property

A draft law recognizing cryptocurrencies as property has been submitted for consideration by the Russian government to address issues related to the arrest and confiscation of assets. This was reported by RBC, citing a statement from the head of the Investigative Committee, Alexander Bastrykin.

«Thorough collaborative work has been conducted regarding the necessity of recognizing digital currency as property for the purposes of criminal and criminal procedural legislation, to address matters relating to the imposition of arrest on digital currency and acknowledging it as tangible evidence, as well as determining the specifics of seizing digital currency during investigative actions,” the official stated.

According to RBC, the Investigative Committee has been advocating for the implementation of these provisions since at least 2021. At that time, Bastrykin mentioned that it would be «difficult to effectively counter illegal activities involving digital assets» without such measures.

Additionally, it is worth noting that in March, Reuters reported on the use of cryptocurrencies in oil transactions within Russia.