New Cryptocurrency Move Came from Russia! Putin and the Country's Judges Gathered!

The Russian Supreme Court took a significant step towards defining the legal status of cryptocurrencies, advancing efforts to classify digital assets as property in criminal proceedings.

This development, reported by the Russian news agency Tass, is part of the country's latest efforts for legal clarity in addressing crimes related to cryptocurrencies.

At a recent meeting attended by Judges and Russian President Vladimir Putin, Supreme Court Chief Justice Irina Podnosova said that there is a need for a legal framework addressing cryptocurrencies in criminal activities. She pointed out that the increasing prevalence of digital currency in the economy has led to a rise in crimes where cryptocurrency is used as a tool to commit crimes, serves as illegal income, or is involved in criminal activities.

The Prosecutor's Office confirmed that the Supreme Court is involved in preparing a legislative initiative aimed at recognizing cryptocurrencies as property in criminal proceedings. This move is expected to enhance law enforcement agencies' ability to track, freeze, and seize illegal digital assets and strengthen Russia's legal framework for combating crypto-related crimes.

This is not the first intervention of the Russian Supreme Court in cryptocurrency regulations. In 2019, the court ruled that converting Bitcoin to rubles, especially when obtained through illegal activities, particularly drug-related transactions, constitutes money laundering. The decision reinforced that cryptocurrencies may be subject to existing anti-money laundering laws.