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The Association of Banks of Russia (ADB) has prepared a concept for the circulation of decentralized cryptocurrencies, which will deprive anonymous owners of virtual digital assets. This position was voiced by ADB Vice President Anatoly Kozlachkov, TASS news agency reports.
The concept implies the possibility of recovering digital assets in the framework of enforcement proceedings, in case of taxation or bankruptcy. Funds may be confiscated in favor of a credit institution that issued a loan to a market player. Cryptocurrency affiliation will be established through judicial decisions.
“The model assumes that, at the request of the lender, market agents will be able to provide services for identifying owners of digital assets. This will enable creditors to establish the fact that digital property belongs to a specific person within the framework of the judicial procedure, ”Kozlachkov explained.
Identification of the owner of the cryptocurrency is important, because when making a decision, the court must have all the information about this person, including data on the number of tokens and the password for cryptocurrency wallets. If the holder of digital assets refuses to provide such information, ADB proposes to impose criminal penalties against this person. This legal model will ensure the protection of transactions with virtual assets, as well as reduce the risks associated with anonymity.
ARB also proposes to introduce taxation of transactions with cryptocurrencies when paying for goods and services. Fees are also proposed to be introduced for token sale and purchase operations. The tax collection system will be similar to that applicable to investors in the securities market. It is also proposed to introduce norms into tax legislation, according to which individuals will be required to declare the purchase of cryptocurrency and pay taxes after its sale.
“This legal model will allow, on the one hand, to take the tool from the attackers, and on the other hand, it will make it possible to legally use the tool and pay taxes,” said Kozlachkov.