Rules for seized assets change - Cryptocurrencies are included, the administration agency will also carry out the sale procedure
Seized or confiscated assets will be administered more quickly and by a single institution.
The draft law, which brings changes to the current law "On the Administration of Seized and Confiscated Assets", has been submitted for discussion in parliamentary committees, and aims to improve the legal framework for the management and use of these assets by the state.
The amendments provide for the expansion of the scope of the law, including not only assets seized and confiscated by judicial bodies, but also those confiscated by local governments, which are mainly unauthorized constructions.
Within the framework of the changes, it is envisaged to create a special fund dedicated to the administration of unauthorized constructions, with the aim of using them for developmental, social or institutional functions.
A major innovation is the provision that the Sequestered and Confiscated Assets Administration Agency will also carry out property sale procedures itself, in addition to leasing, through public auction, directly taking responsibility for the evaluation, administration and transfer of revenues.
The draft also includes cryptocurrencies in the category of movable assets that can be seized and confiscated, giving legal basis for the first time to their administration by state institutions.
According to the explanatory report, the draft law aims to shorten the procedural deadlines for the administration and sale of assets, increase the efficiency of their use, and contribute to the increase in public revenues, without incurring additional costs for the state budget.
The discussion in parliamentary committees is expected to focus on the implementation of innovations, control mechanisms and the role of responsible institutions in the administration of seized and confiscated assets.
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