Financial Markets Committee Chairman Aksakov Joins Call to Identify Russian Crypto Owners – Regulated Bitcoin News

Anatoly Aksakov, chairman of the Russian Parliament’s Committee on Financial Markets, reiterated a warning to cryptocurrency investors, insisting that Russians who own coins should declare their digital assets. The lawmaker also urged comprehensive regulation of cryptocurrency mining and taxation.

Aksakov Warns Russian Crypto Investors They Could Lose Everything

Russians put 5 trillion rubles (~$67 billion) into the cryptocurrency space, some of them could lose everything because cryptocurrencies have no backing, Anatoly Aksakov, a deputy who plays a key role in the regulation of Russia’s crypto space, said recently. Aksakov, head of the Financial Markets Committee, added that many of them are unaccredited investors, so pyramid schemes are likely to occur. State Duma, the House of Commons.

Russian lawmakers repeated earlier warnings in an interview with the parliamentary Duma TV channel, emphasizing the instability of the digital currency market. Aksakov pointed out and elaborated that cryptocurrency prices can move quickly 20% to 30% in one direction or the other:

Therefore, it is important to regulate the market, protect our citizens first, establish taxes and certain rights for cryptocurrency owners. However, they must be identified.

The statement follows a similar appeal recently made by the head of the Russian Federal Investigative Committee, Alexander Bastrikin.Last week, Bastrykin, who answered directly to President Putin, said cryptocurrencies should not remain anonymous, adding that Mandatory identification All crypto users should be introduced in Russia.

Anatoly Aksakov firmly believes that cryptocurrency holdings must first be reported to the state to prevent them from being used to finance terrorism, drug trafficking and obtain weapons. Among other reasons, he mentioned taxes — even though Russians are obliged to pay taxes on their crypto profits under current legislation, the Duma has yet to pass a dedicated crypto tax law.

The senior member of the House of Representatives also spoke about the need to regulate cryptocurrency mining, which is widely spread in Russia as a lucrative business and an alternative source of income for ordinary citizens.

Aksakov says that if Russian authorities decide to legalize mining, they should registered as an economic activity and taxed. He further insisted that there should be differentiated tariffs on energy consumed by mining companies in accordance with Russia’s applicable cross-subsidy scheme. This will result in higher electricity bills for miners.

Last month, Sergei Mironov, leader of Aksakov’s “Just Russia – For Truth” Social Democratic Party, urged Russian banks to legalize the cryptocurrency market and speed up its introduction. digital ruble. In his view, regulators tough stance In this matter, it has hindered the development of encryption technology and made it dependent on Western payment systems.

Even after the law “On Digital Financial Assets” comes into effect in January 2021, various aspects related to cryptocurrencies, including mining, trading and taxation, remain unregulated in Russia. working team Institutions set up in the Duma are now preparing regulatory proposals to deal with these issues.

Do you want Russia to introduce legal requirements to identify cryptocurrency users? Let us know in the comments section below.

Lubomir Tasev

Lubomir Tassev, a journalist from tech-savvy Eastern Europe, likes Hitchens’ famous quote: “Being a writer is who I am, not what I do.” Beyond crypto, blockchain and fintech, international politics and The economy is two other sources of inspiration.