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Russian Intelligence Wants To Have More Power Over Seizing Crypto

The Russian Intelligence agency wants to have more power when it comes to power seizing crypto and crypto wallets as we can see more in today’s cryptocurrency latest news. In an interview with the Russian media outlets, the committee’s Chairman Alexander Bastrykin stated that the decentralized nature of the issuance of digital currencies doesn’t allow […]

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Russian Intelligence Wants To Have More Power Over Seizing Crypto

The Russian Intelligence agency wants to have more power when it comes to power seizing crypto and crypto wallets as we can see more in today’s cryptocurrency latest news.
In an interview with the Russian media outlets, the committee’s Chairman Alexander Bastrykin stated that the decentralized nature of the issuance of digital currencies doesn’t allow for full state control in the area. Bastrykin claimed that in some cases, the law enforces can use existing laws to seize and to freeze coins as much as they might do with bank accounts, securities, and funds. Decentralization is an issue for the agents and officers that try to do this because they are forced to seek help from crypto companies in special legal status cases to transfer the funds into the state-controlled wallets while the legal procedures are ongoing. In the space of 9 months, the Investigative Committee said it dealt with 331 special legal status cases.

To be able to control crypto assets more effectively, Bastrykin added that the Russian intelligence officers have to be able to transfer the token from the control of the criminal cases to the control of the state. He said that this could be done by introducing changes to criminal law which will allow the court to order a person to transfer crypto assets to a special state crypto account which will be happening at the end of the trial. Failure to comply will be considered a criminal offense. Across the border, the head of the Ukrainian cyberpolice called for the legalization of crypto, claiming that doing this it will allow the police even more room to go about their investigations. The online black market according to the cyberpolice chief, makes use of crypto assets while cryptocurrencies are a legal area in Ukraine still.
As recently reported, After the Chinese authorities introduced a ban on crypto transactions by making them illegal financial activity, the local crypto miners dropped off the radar and moved to other countries so they can go on with their businesses. The United States became the leader in terms of BTC mining volume with a 35.4% share while Kazakhstan is now in second place and Russia comes in third. It is not surprising because Russia has a few advantages which mean that it is conducting crypto operations in the country and that is quite lucrative for the miners. There’s cheap electricity and a friendly legislative regulation.