Apparently, Russia’s endless road to crypto-explicit enforcement agreement has gone in a different direction – the national account service has proposed many measures, which may result in the failure to report illegal possession of the cryptocurrency and alleged gigantic fines.
“Merchant” announced that under a new bill put forward by the service, undeclared possession of cryptocurrencies could be subject to a fine.
This week, the Ministry of Finance will meet with partners and politicians to discuss new forms of promissory notes to be adopted in connection with Russia’s first cryptocurrency law, which will enter into force on 1 January 2021.
As it turned out, the first crypto-law is reduced to a minimum more than the “glossary of terms” of everything related to the cryptocurrency and blockchain.
However, the last draft of the sentence, which, according to J, has a duplicate, seems to recommend that draconian measures should be imposed on cryptocurrency holders who do not inform the State what they are doing in the sphere of cryptography.
The source of the news reported that the recommendations would require all people who received more than $1,300 each year on schedule to illuminate the spending professionals. Cryptocurrency owners will be required to submit an annual report on their exchange history and the parity of their cryptoassets.
Failure to do so would result in a fine of approximately $650 or up to 30 per cent of the total property of a person with a cryptoasset.
A similar source of news quoted the Chargé d’affaires at the law firm Bryan Cave Leighton Paisner (Russia) who stated that if corrections were received, the main report for the current fiscal year (FY2020) would have to be prepared by 30 April 2021.
“The report was clearly written in haste, as it contained many errors – for example, with regard to criminal liability for licit substances. The responsibility itself is very cruel and can in no way be considered as reasonable”, – the director of business development EXMO trade Stankevich.
According to her, the service was just trying to try something and figure out how the network would react.
With all this in mind, this record was made by people who think little of the world’s best practices in cryptography. Moreover, these people clearly did not pay due attention to the Financial Action Task Force (FATF) – the sentences” she added.