Russian Crypto Lawmaker: More Crypto Regulation to be Implemented This Year

According to Russian radio station Govorit Moskva, Anatoly Aksakov, head of the Russian State Duma Committee on Financial Markets and a promoter of Russian crypto legislation, said that more crypto regulations will be introduced in Russia and other countries this year.

He mentioned, “Crypto taxation and reporting of crypto asset holdings are already in effect. And the level of control over holding crypto assets will only increase in the future. It is clear that in the near future, I think probably in 2021, cryptocurrencies will be under strict regulation in almost every country.”

He added that a bill for stricter crypto regulation had reached the committee stage in parliament late last year, suggesting that politicians were preparing to discuss what the Russian crypto community has described as “draconian” crypto regulation proposals.

Aksakov stressed that all citizens’ “digital savings” should be taxed, and he also warned that “criminal penalties” would be imposed on individuals who fail to comply.

He stated, “In Russia, the use of Bitcoin and other crypto assets as a means of payment is prohibited. There is no indication that legislation will change to allow crypto assets as a means of payment in Russia.”

The station also interviewed Russian economist Mikhail L. Khazin, who said, “When any asset experiences rapid growth, it is accompanied by a regular decline. The rise in Bitcoin prices is associated with the decline of the dollar against the backdrop of big problems in the United States and the US stock market. Therefore, for now, Bitcoin prices are likely to continue to grow.”

Khazin also predicted that regulation is inevitable. He noted, "Any attempt to conduct transactions using Bitcoin will be considered tax evasion by Treasury officials and the tax authorities. I think legislation will be passed soon that will require Bitcoin owners to report all their transactions to the tax authorities."

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AuthorLiang Che

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