The Association of Banks of Russia (ADB) made a number of proposals aimed at streamlining the circulation of cryptocurrencies , TASS writes with reference to the organization’s vice president Anatoly Kozlachkov.
According to ADB's idea, digital assets should be made available for recovery through 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 a court decision is made, their owner will be required to provide the keys to the corresponding crypto-wallets . It is necessary to introduce criminal liability for hiding digital assets and refusing to transfer keys, according to ADB. From this position it follows that the anonymous use of cryptocurrencies will become impossible.
It also provides a distinction between the taxation procedure of various operations with cryptocurrencies. So, it is proposed to bring in operations for the purchase of goods and services under the exchange taxation, and levy income tax on cryptocurrency purchase and sale transactions.
To record cryptocurrency transactions and tax profits, ADB proposes that individuals be required to declare the purchase of digital currencies under tax law.
“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.
The Association of Banks of Russia was founded in late 1990 and takes an active part in the formation of banking legislation in the Russian Federation. Do not confuse it with the Association of Russian Banks, which, unlike ADB, the country's largest banks are not.
The chairman of the ADB board is Anatoly Aksakov, who also holds the post of chairman of the State Duma committee on the financial market. Among other things, the ADB Council includes President of Sberbank of Russia PJSC German Gref and President of VTB Bank PJSC Andrey Kostin.
Publication date 09/13/2019
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