Russia Can Adopt Database for Cryptocurrency Investors

Published on 16 May. 2018
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State Duma of the RF can adopt some changes to the law project “On digital financial assets” concerning crypto investors to its second reading. According to the mentioned remarks, the deputies plan to create a register of cryptocurrency investors. I.e., to be able to buy cryptocurrencies, one will have to pass the certification, inform Russian mass media.

Such decision, claim the officials, will help to deal with money laundering. The Central Bank and the Ministry of Finance will be responsible for running the database of the cryptocurrency investors. The register is aimed at fighting illegal and criminal earnings.

The database of the cryptocurrency owners immediately eliminates the anonymity since the crypto wallet will be tied to the ID and personal tax reference number. It is also possible that the crypto investors will be identified by the biometric parameters.

According to Ria Novosti, the head of the State Duma Committee on the Financial Market Anatolii Aksakov said:

As far as I’m concerned, the creation of the register was offered by the Russian Association on Cryptocurrencies and Blockchain (RAKIB). The decision has been made to deal with the malevolent market members and is aimed at countermeasures to money laundering and illegal earnings.  

 - he said.

Aksakov added that the offer is studied and the Central Bank should control such a database .

It’s not the offer of the Central Bank; it’s the suggestion of the market. It is highly probable that it will be signed up in June to the second reading of the law on financial assets. Right now, it’s only a suggestion,

 - emphasized Aksakov.

At the moment, the legal status of the cryptocurrencies in Russia is not defined. In March, two law projects were introduced to the State Duma for the cryptomarket regulation. The law draft   “On Digital Financial Assets" establishes such assets and emphasizes that these digital financial assets are not the legal means of payment on the territory of Russia.

In April, the project of the changes to the tax legislation was introduced to the Russian deputies. According to the new rules, cryptocurrency trading will be taxed with the individual income tax.

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