CandleFocus

Russia Faces Surge in Crypto Crime, Supreme Court Prepares Legislation

Russia is facing an increase in crimes related to cryptocurrency, according to the Supreme Court. The court chairperson stated that digital assets are being used in various criminal activities. The Supreme Court is preparing legislation to recognize crypto as property in criminal cases. The country is also dealing with the economic consequences of illegal crypto mining, with significant damages reported to the power grid. Russia has implemented mining bans in some regions and is considering stricter penalties to deter offenders. Despite the crackdown, Russia is simultaneously using cryptocurrency to evade Western sanctions. Illicit crypto activities in the country are thriving, with new non-compliant exchanges emerging.

Related News