New Russian Law In The Works To Confiscate Illegally Obtained Crypto

Prosecutor General of the Russian Foundation Igor Krasnov told conference attendees on Wednesday that the country was working on legislation to confiscate cryptocurrency that has been obtained as a result of a crime.

What Happened: According to a report from Tass, Krasnov told fellow head prosecutors of European states that the criminal use of cryptocurrency had become a “serious challenge” to the country.

"A significant step in overcoming this problem was the adoption in July 2020 of the federal law on digital assets. Currently, work is underway to amend the criminal and criminal procedural legislation."

Why It Matters: Krasnov said that this move would allow the application of restrictive measures and confiscation of virtual assets.

The Russian prosecutor also noted that the latency of these criminal acts had recently been aggravated by the use of crypto assets as bribes and the usage of cryptocurrency exchange operations as a way of laundering stolen budget funds.

What Else: Regulators across the world have recently turned up the heat on cryptocurrency exchanges, subjecting them to more compliance.

Changpeng Zhao (CZ), CEO of the world’s largest crypto exchange Binance, called the road to compliance a journey saying that more regulations are a positive sign for the industry.

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“The industry still has a lot of uncertainty. We also recognize that with the growth comes more complexity and more responsibility,” said CZ in a blog post on Tuesday.

Price Action: Bitcoin BTC/USD, the market-leading digital asset, was trading at $34,252 at press time, gaining 1.06% over the past 24-hours.