Anatoly Aksakov: there will be no consideration the “crypto bill” soon

  • 14:39 May 30, 2022
Anatoly Aksakov: there will be no consideration the “crypto bill” soon

Bad news came from the State Duma where on the consideration was the third version of a draft bill about crypto field regulation. The head of Financial market Committee Anatoly Aksakov said that the discussion about crypto regulation has been delayed for some reasons.

First of all, there was a great BTC-decline in last weeks that could bring a lot of risks for private investors. The sanctions made the situation worse and the regulators are just sure that digital assets is a very tricky field.

The second reason is activity from the USA, which has a lot of tools for control, on the basis that cryptocurrency can help Russia to avoid restrictions. Aksakov explained that the Duma does not agree and considers such actions are just taken for implementation in the financial field. Thus, the regulator doesn’t want to allow the participants to provide transactions under the “invisible eye” of Americans security services.

Generally, according to Aksakov's words if the draft bill would be taken it would be in the most strict variant. In this case the users will face new rules like:

  • the corporate payments abroad will be allowed after taken the ID given by the operator
  • bitcoin-stock and crypto-exchanges must be cooperate with law-enforcement agencies and store the user’s data for 3 years
  • miners will not be taken to the special register and will no have any “tax amnesty” for 1 year

The discussion about the crypto field in Russia has been going on for such a long time and there is still no result. The Central Bank is insisting on a total restriction of any digital currency activity except CBDC. But the Ministry of Taxes has the opposite opinion and proposes to allow transactions with some level of regulation.

The Central Bank said that it's impossible to avoid sanctions by using the crypto assets. The same was said by Moody’s in their reports.

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