Putin Signs Law to Confiscate Bitcoin Amid Russia’s Crypto Crackdown
- President Vladimir Putin signed a law recognizing crypto assets as intangible property, allowing courts to seize or confiscate them in criminal cases.
- The law requires police or prosecutors to provide details on the type and quantity of crypto assets, including wallet addresses, for confiscation requests.
- Russia aims to regulate its crypto market by July, encouraging the use of domestic platforms over foreign exchanges.
- The government claims citizens spend approximately $650 million daily on crypto trading.
- Telegram founder Pavel Durov is facing a criminal investigation in Russia for allegedly “aiding terrorism.”
This new law marks a significant shift in how Russia handles Bitcoin and other digital assets, aligning with ongoing efforts to regulate the crypto market and curb foreign exchange access.
With the law’s implementation, Russian courts can now legally confiscate digital assets, highlighting the government’s focus on controlling the estimated $650 million daily spent on cryptocurrency trading by its citizens. (Source)
