Cryptocurrency in Russia can withdraw as suspicious savings

The Ministry of Finance of Russia proposed to withdraw the citizens of the funds, the legality of which it is impossible to prove in favor of the Pension Fund (PFR). The relevant amendments to the Budget code submitted to the government.

As found «Izvestia», the Ministry of Finance is preparing amendments to articles 46 and 146 of the Budget code of the Russian Federation in terms of clarifying the list of incomes of the budget of the Pension Fund. We are talking about the fact that the FIU has transferred funds in respect of which in accordance with the legislation on combating corruption is not presented the proofs confirming the legality of their receipt. In a press-service of the Ministry of Finance explained:

«In the Civil code we have made clarifying amendments that confiscated in cases that may not be the only property in respect of which no evidence confirming the acquisition of property on the legitimate income and funds — in the absence of evidence of the legality of their receipt. The bill was submitted to the government.»

The bill provides that the new rules can enter into force in December 2020.

Now in favor of the state is withdrawn, only the property if it is purchased with the income, the validity of which has not been confirmed. Note that at the end of last year, the constitutional court said that it could be confiscated from any person, not only officials and members of their families, are subject to the law on control over expenses of state employees.

It is unclear how to check «suspicious accumulation» of citizens. Unknown and the minimum size of these funds to initiate verification.

What about cryptocurrencies?

For cryptocurrency, which has not yet received official status in Russia, despite the recently adopted law «On digital of financial assets (CFA),» the situation is ambiguous. Co-founder of the international investment company EXANTE Anatoly Knyazev says:

«The question is, what property is considered suspicious, is still open. Probably the official status of the cryptocurrency will not receive, but the possibility of forfeiture will appear after the decision of the court.»

He added that the Tax code was amended on the recognition of cash assets that will allow us to confiscate it under the new bill the Ministry of Finance.

The process of confirming the income received in bitcoin may lead to lots of difficulties. For example, if you bought bitcoin a few years ago and since then has increased its digital capital, you will need to gather documents proving the acquisition of the asset on legal means.

Another possible problem is the confirmation of income from arbitrage trading is when a trader earns on the resale of coins at various venues. In this case, it will not be a single database, which can be used to confirm the capital gains.

Note that the process of confiscation of digital assets — a separate issue. Most investors keep their cryptocurrency trading platforms. But if the company is registered in a foreign jurisdiction, perhaps the authorities will not be able to request withdrawals.

Experts believe that with the adoption of the amendments, the majority of investors will put their money in the cryptocurrency. Therefore, we can assume that the market of digital assets go fresh money those who are completely disappointed in the banking system.


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