Russian Sberbank Demands Client Provide Data on Cryptocurrency Revenue
Ana Alexandre's original article for cointelegraph.com reduced by 45%
Russia's largest bank Sberbank has requested that a client provide information on their income from cryptocurrency, the Russian version of Forbes reported on May 17.Co-founder of cryptocurrency trading platform Toxenbox.io, Vladimir Smerkis, told Forbes that the unnamed client received a letter from Sberbank requiring disclosure of their crypto revenue. The letter based its demand on Federal Law No. 115, "On Combating Money Laundering and Terrorism Financing." The client had reportedly already informed the bank about their income from exchanging cryptocurrencies.
Specifically, Sberbank wanted to know the client's crypto wallet address, what mining equipment the client deployed and hash rate indicators. Sberbank subsequently confirmed the information, Forbes states. Smerkis said that "We are very much perturbed by how Sberbank can appeal to terms that do not yet exist in Russian law." The founder and CEO of regulated decentralized exchange Tokenomica, Artem Tolkachev responded that this is not a new breed of request, saying that Sberbank "Operate within their regulatory framework for handling cash.
So it is a way of legally introducing cryptocurrency revenues into circulation." Russian prime minister Dmitry Medvedev commented yesterday, May 16, that crypto regulation is not a priority for the Russian government as cryptocurrencies have been losing popularity. Russia's principle crypto bill "On Digital Financial Assets" was passed by the lower house of Russian parliament in May 2018.
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