August 12, 2020

Vice-President of the Association of Banks of Russia: “It is necessary to introduce criminal liability for hiding digital assets and refusing to transfer keys”

Vice-President of the Association of Banks of Russia: “It is necessary to introduce criminal liability for hiding digital assets and refusing to transfer keys”

The Association of Banks of Russia (ADB) made a number of proposals aimed at streamlining turnover cryptocurrencies. This was reported by TASS with reference to the vice-president of ADB Anatoly Kozlachkov.

ADB believes digital assets should be doneavailable for recovery in enforcement proceedings, bankruptcy or taxation. In the proposed scheme, market agents will provide lenders with services to establish owners of digital assets, Kozlachkov said.

The establishment of digital asset ownership is proposed to be carried out in court. After the court ruling, their owner will have to provide the keys to the respective wallets.

“It is necessary to introduce criminal liability for concealing digital assets and refusing to transfer keys,” Kozlachkov explained.

ADB believes that the creation of such a legal framework will protect transactions with virtual assets, since anonymous use of cryptocurrencies will become impossible.

Differentiation of the order is also provided.taxation for legal entities and individuals. So, operations on the purchase of goods and services are proposed to be taxed as commodity exchange transactions, and a profit tax should be levied on cryptocurrency purchase and sale transactions. The collection of taxes from individuals will be carried out by analogy with the taxation of investors in the securities market.

To account for transactions with cryptocurrencies and tax profits, ADB proposes to oblige individuals to declare the purchase of digital currencies, as well as pay taxes after their sale.

“On the one hand, we are concerned about robbing the tool from scammers, on the other hand, to enable us to legally use the tool and pay taxes,” Kozlachkov said.

Source