Russian Supreme Court amends law to deem crypto theft criminal

Russian Supreme Court has cleared some ambiguity over the use of cryptocurrencies and the theft of the digital assets in a historic ruling on Tuesday. Media reports have revealed that the Supreme Court has directed to make amendments to the Anti Money Laundering law in favor of cryptocurrencies.

The said amendment would make hacking and theft of cryptocurrencies an offense punishable by the law. The last time these laws were amended cryptocurrencies were not as famous and widely acceptable on a global scale as they are today nor were they worth as much as they have in the years since the last amendment in 2015.

The Russian judge Alexandar Chervotkin expressed that the decision has now been made easy owing to the popularity and the vast acceptability of the currencies on a global scale.

The order would also mark the illegal use of cryptocurrencies as money laundering, and the law would treat the person found guilty under the same law. The regulation comes after the Russian Financial Action Task Force decided to use the Anti Money Laundering law in the country for cryptocurrencies.

With the new court order, the Supreme Court has provided a ground for any cryptocurrency theft or exchange from cryptocurrency to fiat through illegal means a punishable crime. However, a court trial is still necessary for punishment.

Most Russian government officials have been critical of the cryptocurrencies in the past few years. The banks and financial institutions showed some leniency, however, with the comment that the final decision regarding the future of the currency and the regulations rests with the lawmakers and other relevant authorities.