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Russia Forbids To Cash Out Illegal Income From Cryptocurrency

11:17 27/02/2019
Russia Prohibits Crypto Laundering At Legislative Level

The Russian Supreme Court approved the amendment to the law on the legalization of income, which literally prohibits the laundering of profits from cryptocurrencies, TASS reports.

 

According to the new law, digital assets may be compared to illegally acquired property; therefore, cashing such funds is considered money laundering and will be punishable in accordance with the criminal code.

 

The report does not state that the withdrawal of cryptocurrency in Russia will now necessarily be equated with a crime. However, this may mean that digital assets will be used in court as evidence of an attempt to launder funds.

 

As the judge Alexander Chervotkin explained, there are already specific cases in the Russian judicial practice where the accused were selling drugs for cryptocurrency, after which they cashed out funds using bank terminals.

 

It is noteworthy that the term “cryptocurrency” itself has not yet been introduced into the criminal code of Russia since it is not officially indicated in legislation. However, representatives of the Supreme Court have long recognized the need to clarify this issue.

 

The State Duma should consider a bill on the regulation of digital assets in the spring of 2019. The document covers legal issues regarding financial crypto instruments and also establishes regulatory standards for mining in Russia.

 

Last year, a Russian court recognized bitcoin as property and agreed that cryptocurrencies have value. Then the precedent decision obliged the bankrupt entrepreneur to provide access to his bitcoin wallet in order to replenish the insolvency estate.

 

Earlier, the head of the Russian VTB bank compared mining to counterfeiting.

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