Recently Russia’s Prosecutor General proposed that cryptocurrencies should be considered as property under criminal law. This is not new as decentralized digital money has been considered so in different ways under different laws. But in the case of cryptocurrencies, the space remains unregulated. Therefore, it will be interesting to see if things turn out to be how the Prosecutor General office wants.
Crypto under the criminal law
The Prosecutor General’s office has prepared a new draft that will consider crypto and other virtual assets as property. This will give courts a legal definition to work with when prosecuting criminals involved in crypto scams or illegal activities. In fact, the official Igor Krasnoc, who has spoken about this, also cited his concern about the growing number of illegal activities happening in the space. And due to the missing regulations and gaps in the system, there has been a lot of misuses.
Platforms still provide the option of buying and selling crypto without having to give any id proof. So even that is something that the authorities need to work on and fix in the future. The Prosecutor General did say that they have taken the initiative and drafted the bill regarding the same. And it would be great if lawmakers supported it. In Russia, there are many laws that have already considered BTC and other crypto-related assets as property. Even the bankruptcy, anti-money laundering laws consider so which means if crypto is involved in such things, it will be considered as property and not currency.
Regulation
Every country will have a different way of regulating crypto in the future. And it is clear that whatever the process is, it will be beneficial for the country and its citizens. As of now, we can see that Russians are treating crypto and virtual assets like properties. So, next time something goes to court, they will at least have a proper set of laws to deal with the same. It could also help in taxing crypto in the country, and people could pay it the same way they pay tax on houses or other physical properties.
What are your thoughts on Russia’s Prosecutor General saying that crypto should be put under criminal law as property? And do you think that this is the right step? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Economist Mohamed El-Erian thinks BTC won’t become a global currency
