Anatoly Akosakov (head of the Financial Market Committee in the Russian parliament) reiterated his warning to cryptocurrency investors. She demanded that Russians with coins must declare all digital assets. A parliamentarian also stressed the need for comprehensive regulation in crypto mining taxation.
Russian Crypto-Investors Can Lose All, Aksakov warns
Russians have put 5 trillion rubles (around $67 billion) into crypto and some of them may lose everything as cryptocurrencies are not backed by anything, Anatoly Aksakov, a deputy with a key role in the regulation of Russia’s crypto space, has recently stated. These people don’t qualify as investors, so pyramid schemes will likely occur. Aksakov, who is the head of the Financial Market Committee of the State Duma (the lower house of the parliament), said.
In an interview with Duma TV, the Russian lawmaker reiterated previous warnings and stated that the market for digital currencies is unstable. Crypto prices can quickly move by 20 – 30% in one direction or another, Aksakov noted and elaborated:
It is therefore important to regulate cryptocurrency markets to first protect our citizens and then to tax the owners. But they need to be identified.
Alexander Bastrykin (head of the Investigative Commission of the Russian Federation) issued a similar request. Bastrykin, who directly answers to Putin, stated that crypto currency should not be kept anonymous. He also suggested that Russia introduce mandatory identification of all cryptocurrency users.
Anatoly Aksakov believes that cryptocurrency holdings should be disclosed to the state to stop their misuse to fund terrorism and drug trafficking as well as the acquisition of arms. Among other reasons, he mentioned taxation — Russians are obliged to pay taxes on their crypto profits even under the current legislation but a dedicated law on crypto taxation is yet to be adopted by the Duma.
A high ranking member of the house spoke about how cryptocurrency mining is being used in Russia as both a profit-making business venture and an income source for the private sector.
Aksakov said that Russian authorities could legalize mining if they so choose. If this happens, the activity should be taxed and registered. Aksakov also argued that different tariffs be set for mining firms based on the Russia’s cross-subsidization program. This would mean that miners will pay more for electricity.
Last month, the leader of Aksakov’s ‘A Just Russia — For Truth’ social-democratic party, Sergei Mironov, urged Bank of Russia to legalize the cryptocurrency market and accelerate the introduction of the digital ruble. In his view, the regulator’s tough stance on the matter hinders the development of crypto technology and makes it dependent on Western payment systems.
Various aspects related to cryptocurrencies, including mining, trading and taxation, remain unregulated in Russia even after the law “On Digital Financial Assets” went into force in January 2021. These issues are being addressed by a Duma-based working group.
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