In Russia, Criminal Liability May Be Introduced For Some Crypto Owners

The Association of Banks of Russia (ADB) has developed a concept for the recovery of cryptocurrencies stored on non-custodial wallets, which involves the introduction of criminal liability for their owners.

According to Izvestia, ADB proposes to introduce criminal liability for the very fact of finding undeclared digital assets on such wallets.

And ADB Vice President Anatoly Kozlachkov noted that the association is considering introducing liability for refusing to provide keys to authorized bodies, and not for holding non-custodial wallets.

When linking a wallet to a debtor, the suspect must either give away the key to the wallet or be punished for hiding property in the form of digital assets.

According to the ADB, such an approach will help combat capital outflows, as well as equalize all persons liable to pay taxes. The association developed its concept together with the Ministry of Internal Affairs. She was sent to the Central Bank, the Ministry of Finance and Rosfinmonitoring, as well as the State Duma working group on the regulation of cryptocurrencies.

Rosfinmonitoring called the ADB proposal worthy of attention, and Andrei Lugovoi, deputy head of the working group, said that the proposed approach would only hinder the legalization of the market.

Earlier, the S&P rating agency reported that Russia is close to defaulting on its external debt.

On February 24, Russia carried out a paramilitary invasion of Ukraine on several fronts, shelling Kharkiv, Kyiv, Sumy, Chernihiv, Vinnytsia and other cities of various calibres.

The Ukrainian army is holding back the invasion of the enemy. From the hottest spots, the civilian population is trying to evacuate to other cities or even countries.

The world community organized to help the refugees and the Ukrainian army and imposed strict sanctions against Russia.

The BTC-Alpha team together with trusted volunteer communities created a charity fund ‘Alpha for Ukraine’. You can make a donation to help everyone in Ukraine who needs medicines, humanitarian aid and to support the defence of the country.

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