Investigative committee proposes recognising cryptocurrencies as property
Experts discuss the benefits and challenges of implementing the bill
Cryptocurrency has already become a full-fledged asset for many Russians — and it is time to acknowledge this reality, experts told Realnoe Vremya. The Investigative Committee’s new bill, which seeks to define digital assets as property, could be a crucial step toward regulation, offering protection for both the state and asset holders. However, implementing this idea will come with challenges — though lessons can be learned from the experience of other countries. Read more on the legal regulation of these yet-unrecognized “tokens” in the material of Realnoe Vremya.
Digital currency may be recognised as property
The Investigative Committee of Russia has drafted and submitted a bill to the government that would define digital currency as property, Chairman Alexander Bastrykin announced.
According to a statement on the committee’s website, the proposed law is necessary for criminal and procedural legislation. If adopted, it would allow authorities to seize electronic funds, recognise them as physical evidence, and outline procedures for their confiscation during investigations.
Experts have developed a draft law on the recognition of digital currency as property, which is necessary for the purposes of criminal and criminal procedure legislation.
The committee’s chairman highlighted the successful collaboration between government agencies in the legislative process, which enabled the Ministry of Justice and the Investigative Committee to develop an optimal version of the draft bill.
A bill on cryptocurrency
As digital economist Ravil Akhtyamov told Realnoe Vremya, the bill specifically targets cryptocurrencies, as their regulation in the economy remains uncertain:
The Investigative Committee’s bill marks a significant step in integrating cryptocurrencies into the legal framework. Legislative regulation in this area is essential, says economist Ravil Akhtyamov. Recognising digital currency as property could protect its owners while also contributing to Russia’s economic development.
“It’s important to strike a balance between protecting citizens' rights and maintaining control. If done correctly, this initiative will benefit cryptocurrency holders by strengthening their legal protections in matters like property division and inheritance. However, their obligations will also increase, as these assets will become taxable and subject to additional reporting requirements. In turn, the government will gain oversight of cryptocurrency transactions and a new source of revenue. Today, Russians collectively hold around $200 billion in cryptocurrency," the expert explained.
The implementation of the bill will undoubtedly face significant challenges. One of the key issues is the coordination of positions of the Investigative Committee and the Central Bank, which remains opposed to cryptocurrency circulation within Russia and has yet to approve the creation of the necessary infrastructure.
“This leads to a major difficulty: we lack a functioning infrastructure for cryptocurrency transactions — there are no official exchanges or trading platforms, except for pilot programmes that have yet to take effect," explains economist Ravil Akhtyamov. “This means we would have to build the entire infrastructure from scratch, which is particularly challenging given the anonymity and decentralisation of cryptocurrencies. In my opinion, this is the biggest obstacle to the project's implementation.”
Despite these challenges, Akhtyamov believes the number of cryptocurrency holders will continue to grow. Many businesses involved in international trade are already using digital assets for transactions, and if the bill is passed, their numbers are expected to rise significantly.
“Too late to ban”
“Cryptocurrency exists, and a large number of people are involved with it. For many, it serves as both a store of value and a means of payment. So, it must either be legalised or banned. But it's too late to ban it, so it should at least be recognised as a form of property. The crypt is not recognised as a means of payment in Russia, but it should be recognised as property that can be exchanged for a means of payment," private investment consultant Andrey Kochetkov told Realnoe Vremya.
Legal regulation of cryptocurrencies would be particularly useful in matters of inheritance and asset division, Kochetkov believes. For example, in the event of a divorce, one party could transfer all funds into bitcoin, and this would have no impact on the court’s decision — leaving the other party with nothing.
“This is an asset that has been purchased and accumulated. The government may treat cryptocurrency as mere 'toy money,' but many people value these 'tokens.' Therefore, they need to be accounted for and properly regulated," he emphasised.
However, he also pointed out several challenges in implementing the proposed legislation. One key issue is how to control these assets in cases where owners lose access to their crypto wallets or pass away. According to Kochetkov, the United States has already addressed this problem —there, authorities can obtain all necessary data directly from exchanges.
“Today, it’s hard to imagine how this will work in Russia. We don’t have many experts in crypto assets, and even fewer within government institutions. But at the very least, recognising cryptocurrency as property is already a great step forward," the expert concluded.
