RATE Group | Russia Updates Its Laws for Cryptocurrencies
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Russia Updates Its Laws for Cryptocurrencies

11 Mar Russia Updates Its Laws for Cryptocurrencies

Posted at 21:57h in Cryptocurrency News by

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The volume of cryptocurrency flows on darknet markets — which are involved in illegal drug and arms trafficking, remittance and transfer of illicit funds — have doubled for the first time in four years, a new report says. Accordingly, Russia has been updating its bribery and Anti-Money Laundering laws regarding cryptocurrencies to aid its burgeoning digital economy.

Related: Presumed Guilty: Financial Watchdogs See Crypto as Illicit by Default

Cryptocurrency bribery

Bitcoin (BTC) hit the headlines in Russia after it emerged that the Russian Federal Security Service, or FSB — successor agency to the Soviet KGB — had tried to extract a BTC bribe worth $1 million from a media mogul last spring. 

At the end of 2019, the Russian Supreme Court made it clear that “digital rights” — a term used to mean cryptocurrencies in the country’s law — can be used to facilitate illegal activities such as bribes, in the same way as fiat currency, property and other valuable assets. The…

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