Russia civic chamber proposes dedicated fund for confiscated crypto assets
Amid the growing adoption of cryptocurrency reserves in countries like the United States, legal activists in Russia are pushing to create a potential crypto fund.
Evgeny Masharov, a member of the Russian Civic Chamber, has proposed creating a government cryptocurrency fund that would include assets confiscated from criminal proceedings.
The projected cryptocurrency fund would aim for revenues for the government, targeting social projects, Masharov said, according to a March 20 report by the local news agency TASS.
“The proceeds from the cryptocurrency fund can then be used for social, environmental and educational projects,” he reportedly stated.
“Seized crypto should benefit the state”
Masharov’s proposal came amid Russian officials progressing with new legislation on recognizing cryptocurrencies as property for the purposes of criminal procedure legislation.
Alexander Bastrykin, Chairman of Russia’s Investigative Committee, said that a related draft bill was sent to the government for consideration, the local news agency RBC reported on March 19.
“Cryptocurrencies confiscated as part of criminal proceedings must work for the benefit of the state,” Masharov said while commenting on the proposed legislation.
Evgeny Masharov, a member of the Russian Civic Chamber. Source: Oprf.ru
“For these purposes, a special fund can be created, putting cryptocurrencies on its balance,” Masharov said, expressing confidence that many of the seized crypto assets could see their market capitalization “rising significantly over time.”
Russian authorities have been seizing crypto assets for years
Masharov’s proposal to turn confiscated crypto assets for the benefit of the state follows years of the development of related legislation in Russia.
Russian prosecutors have been pushing legal initiatives to allow the government to seize crypto obtained from criminal activity since at least 2021, but there has not been a clear framework set in place.
Related: Russia using Bitcoin, USDt for oil trades with China and India: Report
In the meantime, the Russian government has not missed the opportunity to confiscate millions in cryptocurrency from illegal cases, sometimes involving law enforcement officials. Apparently, Russia’s current laws do not provide standards on where and how such funds should be distributed.
Bank of Russia governor is against crypto investment
The idea of a potential social crypto fund in Russia may sound similar to initiatives like a Bitcoin (BTC) strategic reserve, which currently targets holding confiscated BTC exclusively.
In the meantime, Russia’s central bank governor, Elvira Nabiullina, has previously strongly opposed the idea of potential investments in crypto by the Bank of Russia.
An excerpt from the US Strategic Bitcoin Reserve fact sheet. Source. White House
“Cryptocurrency investment doesn’t make any sense for the Central Bank in terms of preserving value since it’s a very volatile asset,” Nabiullina reportedly said in December 2024.
Magazine: Crypto has 4 years to grow so big ‘no one can shut it down’: Kain Warwick, Infinex
Vienna-based Bitpanda is eyeing Frankfurt or New York for a future listing, with its co-founder warning that London’s IPO market is too illiquid to attract investors.
The meeting came as global regulators and traditional exchange associations have urged the SEC to crack down on tokenized stocks.
Politics
Migrants to be deported to France ‘within weeks’ – as Farage vows to scrap human rights law
Nigel Farage has said he would scrap the UK’s human rights law to enable the mass deportation of illegal migrants, as the government reportedly prepares to send more than 100 small boat arrivals back to France.
Writing in The Daily Telegraph ahead of a speech later today, the Reform leader said the Human Rights Act would be ripped up should he become prime minister.
Politics Hub: Follow live updates
He would also take the country out of the European Convention on Human Rights (ECHR) and other international treaties, describing them as “malign influences” which had been “allowed to frustrate deportations”.
Pulling Britain out of the ECHR would make it one of only three European countries not signed up – the others being Russia and Belarus.
The UK’s Human Rights Act, Reform say, would be replaced by a British Bill of Rights. This would only apply to British citizens and those with a legal right to live in the UK.
Small boat arrivals would have no right to claim asylum. They would be housed at old military bases before being deported to their country of origin, or third countries like Rwanda.
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Will Starmer’s migration tough talk deliver?
One in, one out
Sir Keir Starmer, meanwhile, is said to be ready to implement one of his major policies to tackle the small boats crisis within weeks.
According to The Times, the one in, one out migrant deal he signed with France’s Emmanuel Macron earlier this summer will soon see more than 100 people sent back.
The newspaper reported there are dozens of migrants currently in detention, including some arrested over the bank holiday weekend, who could be among the first sent back to France.
In exchange, the UK would be expected to take an equal number of asylum seekers in France with ties to Britain.
Read more: How will the one in, one out deal work?
Sir Keir Starmer hopes his deal with Emmanuel Macron will help. Pic: Reuters
A record 28,288 people have crossed the Channel in small boats this year. The total is 46% higher than at the same stage last year.
More boats were seen crossing on Monday, though the figures won’t be published by the Home Office until later.
Sir Keir is under mounting pressure within his own party to grip the issue, with Sir Tony Blair’s former home secretary Lord Blunkett warning the public “will turn on” him.
But they may already have – a YouGov poll over the weekend found 71% of people think the prime minister is dealing with the small boats crisis badly.
Protests have taken place outside hotels used to house asylum seekers over the weekend, and the government is braced for more legal challenges from councils over their use.
Labour have taken a battering in the opinion polls throughout 2025, with Reform consistently in the lead.
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