The main problems of the cryptocurrency industry at the present stage are price manipulation, the use of digital assets for criminal purposes and the lack of a clear regulatory framework for the industry. Russian law enforcement agencies are going to radically solve the problem of the use of cryptocurrency by criminals and develop a mechanism for the arrest and confiscation of all virtual assets.
The main obstacle to the initiative of the Ministry of Internal Affairs may be the lack of a clear legal status of a digital currency, which is necessary for any legal action to be taken on assets.
To participate in the work on the mechanism of cryptocurrency withdrawal, the Ministry of Internal Affairs involves Rosfinmonitoring, the General Prosecutor's Office, the Investigative Committee, the Ministry of Justice, the FSB, the Federal Customs Service and the Federal Security Service. Moreover, development assistance should be provided by the Supreme Court of the Russian Federation. The development of activities should be completed by December 31, 2021.
According to experts, the confiscation of cryptocurrency and other digital assets can become a reality only after giving them a certain legal status of money, goods or the equivalent of money.
The main reason for the need to create a mechanism for confiscating virtual assets, according to law enforcement officials, is a clear trend of a steady increase in crimes committed using cryptocurrency.