The Russian Banks Association (ADB) has developed a concept to collect cryptocurrencies stored in non-custodial wallets. It involves the introduction of criminal liability for its owners. Izvestia writes about this with reference to the document.

The concept provides for the establishment of criminal liability for the fact of finding assets in such wallets if the cryptocurrency has not been declared.

ADB Vice President Anatoly Kozlachkov described this approach as more logical, but noted that the association is not considering keeping non-custodial wallets, but rather imposing an obligation on authorized institutions to refuse to issue keys.

According to ADB, when linking a wallet with a particular borrower, they should either issue a key or be penalized for hiding property in the form of digital assets.

According to the association, such an approach would help combat capital outflows and make all taxpayers equal. ADB stated that this will also help the Central Bank of the Russian Federation and the Ministry of Finance resolve the contradictions in the regulation of cryptocurrencies.

The organization stressed that technologies are now actively used to establish a link between the wallet and its owner, furthermore, assets are involved in illegal activities.

The association developed its concept in partnership with the Ministry of the Interior. It was sent to the Central Bank, the Ministry of Finance and Rosfinmonitoring, as well as the State Duma working group on regulation of cryptocurrencies.

Rosfinmonitoring described the ADB proposal as remarkable, and Andrei Lugovoi, vice-chairman of the working group, said the proposed approach would only hinder the legalization of the market.

Earlier, the head of the Investigative Committee of Russia, Alexander Bastrykin, proposed to legislate the procedure for confiscating cryptocurrencies and required mandatory identification of their holders.

The Prosecutor General’s Office of the Russian Federation announced the preparation of norms that will allow the criminal recognition and seizure of digital assets.