Russia plans to introduce a bill to simplify the process of confiscating digital assets

According to Bitcoin.com, Russia is vigorously promoting digital asset regulation and plans to introduce laws to regulate confiscation procedures. At the 13th St. Petersburg International Legal Forum, the Russian Ministry of Justice reviewed the impact of new technologies on crime and stated that the bill will clarify the procedures and considerations for accelerating the seizure of digital assets. Deputy Minister of Justice Vadim Fedorov stated that the bill will include digital assets in the category of assets that can be seized and confiscated. Considering the specific characteristics of digital currencies, it is recommended to establish special requirements, such as confiscating physical devices such as hardware wallets that store criminal activity wallet keys, and requesting the court to issue transaction bans. Fedorov also mentioned that experts will be arranged to participate in relevant procedures to determine necessary measures to ensure the safety of digital currencies during subsequent confiscation or resolution of victims' claims. But he also admitted that due to the special circumstances of digital asset custody, confiscation poses challenges, and its lack of centralized control is attractive to criminals, making it impossible to physically seize it. This measure mainly targets local cryptocurrency threat actors.