Bankers Of The Russian Federation Proposed To Introduce Criminal Penalties For Storing Cryptocurrencies On Non-custodial Wallets

The Association of Banks of Russia (ADB) has developed a concept for collecting cryptocurrencies stored on non-custodial wallets. It involves the introduction of criminal liability for their owners. They write about it “News” with a link to the document.

The concept provides for the establishment of criminal liability for the very fact of finding assets on such wallets if the cryptocurrency has not been declared.

ADB Vice President Anatoly Kozlachkov called this approach more logical, but noted that the association is considering introducing liability for refusing to provide keys to authorized bodies, and not for holding non-custodial wallets.

When linking a certain debtor and a wallet, he must either issue a key or be punished for hiding property in the form of digital assets, according to the ADB.

Such an approach will help fight capital outflows and equalize all persons liable to pay taxes, according to the association. It will also help the Central Bank of the Russian Federation and the Ministry of Finance to allow contradictions in the regulation of cryptocurrencies ADB noted.

The organization emphasized that technologies are now being actively used to establish a connection between the wallet and its owner, as well as the involvement of assets with illegal actions.

The association developed its concept jointly with the Ministry of Internal Affairs. She was sent to the Central Bank, the Ministry of Finance and Rosfinmonitoring, as well as the State Duma working group on the regulation of cryptocurrencies.

Rosfinmonitoring called the ADB proposal worthy of attention, and Andrei Lugovoi, deputy head of the working group, said that the proposed approach would only hinder the legalization of the market.

Earlier, the head of the Investigative Committee of Russia Alexander Bastrykin proposed legislate the procedure for the confiscation of cryptocurrencies and called for mandatory identification of their owners.

The Prosecutor General’s Office of the Russian Federation announced the preparation of norms that will allow recognize digital assets as the subject of a crime and confiscate them.