Earlier this week, Lithuania's tax service, the Lithuanian State Tax Inspectorate, added $7.6 million dollars to the state budget through the sale of cryptocurrencies seized in criminal investigations. The occasion marked the first time that the Lithuanian government liquidated confiscated cryptocurrencies. In doing so, the country joined the growing number of jurisdictions worldwide that have auctioned off or sold cryptos obtained by the long arm of the law. However, unlike the United States Federal Marshals, which netted $37 million at auction from confiscated crypto last February, the STI opted to sell the crypto through an exchange. According to Linas Rajackas, …
On June 30, a Russian criminal court denied a motion to provide restitution to a victim of what would in many jurisdictions be a felony, arguing that Bitcoin (BTC), as a virtual currency, does not enjoy the same property protection as other assets. The case goes back to 2018, when the two men impersonating Federal Security Service (FSB) agents and their accomplices kidnapped the victim and forced him into giving them 5 million rubles or $90,000 in cash and 99.7 BTC — worth about $900,000 at the time. The kidnappers were sentenced to eight- and ten-year prison sentences. Virtual currencies …
South Korea’s Ministry of Economy and Finance is preparing an amendment to apply to the nation’s Income Tax Law. This could include rules for profitable sales of cryptocurrencies as well as profits from national crypto mining projects. According to local newspaper E Daily on May 27, the ministry also mentioned including the profits generated by initial coin offerings, or ICOs. This is tantamount to a change in the country’s rhetoric towards ICOs, which are still banned across the country. The report specifies that crypto-to-crypto transactions, such as Bitcoin (BTC), will be “likely” exempt from the proposed amendment and only seeks …
Law enforcement authorities in Kyrgyzstan have reportedly detected an illegal cryptocurrency mining farm on the territory of a local free economic zone (FEZ). The State Service for Combating Economic Crimes, an anti-corruption service in the Kyrgyz Republic, has reportedly discovered a large-scale mining farm at FEZ Bishkek. Kyrgyz authorities posted a video of the facility on YouTube on Aug. 7. Government officials are involved During on-site inspections, local enforcement officials found crypto mining devices connected to electricity and the Internet. According to local news agency 24.kg, authorities have launched an investigation into the origins of miners and energy sources. Members …
A new version of Russia’s major draft bill on cryptocurrency regulation does not include criminal offense codes as lawmakers are expected to hold the bill's second reading tomorrow. According to official records of the State Duma, Russia’s legislative body, the Duma’s Committee on Financial Market has proposed the second reading of the bill “On Digital Financial Assets,” or DFA, on Tuesday. In the Russian legislative system, each bill is subject to three readings as it passes the development from draft to adoption. While the second reading is designed to sum up amendments and proposals to the draft bill, the third …