Association of Banks of Russia proposes to ban anonymous operations with cryptocurrencies

Speaking at the XVII International Banking Forum “Banks of Russia – XXI Century”, Anatoly Kozlachkov, vice president of the Association of Banks of Russia (ADB), proposed depriving anonymity of cryptocurrency owners.

The Association has prepared a special concept for the circulation of digital assets, within which they can be seized in the course of enforcement proceedings, bankruptcy or taxation.

“According to the provided model, at the request of the creditor, market agents will be able to provide services for identifying cryptocurrency owners. Thanks to this, lenders, based on a court decision, will be able to establish the fact of property belonging to a specific person, ”says Kozlachkov.

After a court decision, the owner of digital assets will be required to transfer passwords from electronic wallets. If he decides to hide information that he owns a certain number of cryptocurrencies, or refuses to transfer passwords that allow him to access them, then criminal liability will be applied to him. ADB representatives believe that this approach will protect participants in transactions with virtual assets and reduce the risks associated with anonymity.

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The proposed concept also affected the taxation process for legal entities and individuals. In particular, transactions on the purchase of goods and services for cryptocurrencies offer to be taxed as exchange transactions, and the purchase and sale of cryptocurrencies for rubles is subject to income tax. Collection of taxes from individuals will occur in the same way as from investors in the securities market.

ADB also suggests introducing norms into the legislation, according to which individuals will be required to declare the purchase of cryptocurrencies and pay taxes after their sale.

“We want to limit the possibilities of fraudsters and at the same time enable ordinary citizens to legally use cryptocurrencies and pay taxes,” Kozlachkov said.