Russia’s Supreme Court Takes Steps to Define Legal Status of Cryptocurrencies
Russia’s Supreme Court has taken a significant step toward defining the legal status of cryptocurrencies, advancing efforts to classify digital assets as property in criminal proceedings.
Legal Clarity in Handling Crypto-Related Crimes
The development, reported by Russian news agency Tass, is part of the country’s latest efforts for legal clarity in its handling of crypto-related crimes.
Recognition of Cryptocurrencies as Property
At a recent meeting attended by judges and Russian President Vladimir Putin, Chief Justice of the Supreme Court Irina Podnosova emphasized the need for a legal framework that addresses cryptocurrencies in criminal activities. She pointed out that the increasing prevalence of digital currency in the economy has led to an uptick in crimes involving crypto as a tool for illegal activities, illegal income, or as an object of criminal activity.
Podnosova confirmed that the Supreme Court is working on a legislative initiative to recognize cryptocurrencies as property in criminal proceedings. This move is expected to enhance law enforcement’s ability to track, freeze, and seize illegal digital assets, bolstering Russia’s legal infrastructure to combat crypto-related crimes.
Past Interventions by the Russian Supreme Court
This is not the first time the Russian Supreme Court has intervened in cryptocurrency regulation. In 2019, the court ruled that converting Bitcoin into rubles constituted money laundering if the BTC was obtained through illegal activities, particularly drug-related transactions. This ruling underscored that cryptocurrencies could be subject to existing anti-money laundering laws.
*Please note that this article does not constitute investment advice.