\u201cThe Ministry of Justice has developed a bill that classifies digital currency as property for the purposes of arrest and subsequent confiscation,\u201d Deputy Minister of Justice, Vadim Fedorov. <\/p>\n<\/blockquote>\n
Fedorov noted that experts would be involved to ensure that these assets could be seized and securely handled. This includes confiscating physical wallets and the necessary credentials, such as seed phrases. Courts may also impose bans on wallet transactions.<\/p>\n
The proposed changes to seizure procedures come in response to the growing use of crypto by criminals in Russia. Authorities have cited the sale of drugs through anonymous darknet markets, often facilitated by crypto transactions, as a key concern.<\/p>\n
Fedorov acknowledged the unique challenges of seizing crypto assets and explained why such assets appeal to bad actors.<\/p>\n
\n\u201cThe attractiveness of this type of asset for criminals is explained by a number of factors, primarily anonymity and the lack of centralized control. Digital currency cannot be physically seized and placed in a safe, as is the case with cash and valuables,\u201d Fedorov explained.<\/p>\n<\/blockquote>\n
One example is Russia\u2019s darknet market Kraken, which has seen a 68% increase in crypto transactions. This comes despite a global crackdown on darknet platforms, including the shutdown of another Russian-based marketplace, Hydra, in April 2022. Since Hydra\u2019s closure, Kraken, not to be confused with the regulated crypto exchange of the same name, has become the largest darknet market in Russia.<\/p>\n
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