On 17 May, the Russian subsidiary of Forbes revealed that in a letter issued to one of its clients on 15 May, Moscow-based Sberbank, has asked for information regarding his income from cryptocurrencies. The Sberbank client mentioned above wanted to transfer his earnings to the bank, and in response to the transferred amount, the bank requested him to provide the details of his crypto incomes under federal law no. 115, which deals with money laundering and anti-terrorist funding norms.
The details that the bank had asked for included information on the equipment (its model and parameters) used by the individual for mining and exchanging the currencies, and its hash rate. The bank also asked for any document confirming ownership, proof of payment for electricity, information about the buyers, sellers, and the amount of operation carried out.
Ambiguity about the Law
As reported earlier, Russia decided to amend the law on digital rights, and the Russian Duma was to take up the law on digital and crypto regulation by the end of March, in the form of a bill. President Putin had set the deadline for the adoption of the new norms by the end of July. However, the new norms are yet to be in place.
Therefore, the Russian law does not have set rules regarding cryptocurrencies at the moment, says the co-founder of Tokenbox.io. Now, according to him, Sberbank’s demands are very ‘perturbing’ to the crypto community in Russia as they have cited terms that are not even formulated yet as Russian law. Artem Tolkachev, founder and CEO of Tokenomica, and a crypto expert having worked on cryptocurrencies and blockchain for Delloite stated that it is a typical move for European Banks. This is a framework, through which the financial institutions legally reintroduce revenues from cryptocurrencies into circulation. However, he stated that it is a first for a Russian bank.
Image: maradon 333 / Shutterstock.com