Russia’s Supreme Court has taken a significant step toward defining the legal status of cryptocurrencies, advancing efforts to classify digital assets as property in criminal proceedings.
The development, reported by Russian news agency Tass, is part of the country’s latest efforts for legal clarity in its handling of crypto-related crimes.
At a recent meeting attended by judges and Russian President Vladimir Putin, Chief Justice of the Supreme Court Irina Podnosova said there is a need for a legal framework that addresses cryptocurrencies in criminal activities. She noted that the increasing prevalence of digital currency in the economy has led to an increase in crimes where crypto is used as a tool for committing crimes, serves as illegal income or acts as an object of criminal activity.
Podnosova confirmed that the Supreme Court is involved in preparing a legislative initiative aimed at recognizing cryptocurrencies as property in criminal proceedings. The move is expected to increase law enforcement’s ability to track, freeze and seize illegal digital assets and strengthen Russia’s legal infrastructure to combat crypto-related crimes.
This is not the first time the Russian Supreme Court has intervened in cryptocurrency regulation. In 2019, the court ruled that converting Bitcoin into rubles constituted money laundering when the BTC was obtained through illegal activities, particularly drug-related transactions. The ruling reinforced that cryptocurrencies could be subject to existing anti-money laundering laws.
*This is not investment advice.
