The law on digital assets in Russia, will interfere with the anonymous withdrawal of cryptocurrencies

Have you saved up an impressive amount in the crypt? Already planning to buy a brand new Lamborghini after bullrun? Unfortunately, your plans may be hampered by new decrees of the Russian government.

As you know, from January 1, Russia enters into a law on digital assets, which regulates the circulation of cryptocurrencies in the country. It seems that even before its entry into force, officials decided to take on peer-to-peer exchangers like those on the Bestchange platform. On the eve, many of them received “letters of happiness” with very alarming content. We will tell you what is happening.

Recall that the long-awaited law on digital financial assets was adopted in July 2020. In accordance with the document, it is officially forbidden to use cryptocurrencies on the territory of Russia as a means of payment from the beginning of next year, because the ruble is the instrument of payments.

Also, banks and exchanges will be included in the scheme for exchanging digital financial assets, and the latter will be turned into exchange operators of the CFA with the right to conduct purchase and sale transactions. At the same time, Anatoly Aksakov, the head of the State Duma Committee on the Financial Market, noted that cryptocurrencies will remain a means of payment and a tool for investment – however, all this will not take place on the territory of Russia.

In practice, it all comes down to limiting citizens’ investments in coins and expanding mandatory taxation to this niche. That is, in theory, it will be real to make money on coins, but you will have to pay for it.

How to correctly withdraw cryptocurrencies?

Actually, here is the text of the letter, which is quoted by the Telegram channel BTC holder.

According to the new law, from January 1, the wallet cannot be used for the circulation of digital currency. Your wallet is used for just such a purpose. Law 259-FZ recognizes this as an entrepreneurial activity. According to the rules of our service, you cannot use a wallet for this (clause 4.21.15).

Law 259-FZ will come into force on January 1, therefore:

  • from December 25, we will establish a ban on replenishment of the wallet (you can only spend);
  • On December 31, we will block all expense transactions;
  • take the money now so that you do not apply later.

The letters were sent from Yandex.Money, which is now known as YuMoney. What does all this mean? In short: soon the “anonymous” bridges between the crypto world and ordinary money may be closed. The fact is that the new law spelled out clauses on the taxation of assets in certain circumstances, that is, digital transactions of its citizens are very important for the state.

“Anonymous” bridges are highlighted in quotes due to the fact that in the world of cryptocurrencies there is actually not much anonymous. Everyone knows perfectly well why such a service as Bestchange and related exchangers is needed. With a snap of their fingers, officials can equate these platforms with “money launderers”, since a noticeable portion of crypto is withdrawn into fiat through them, bypassing taxes.

It is likely that in the future, the withdrawal of cryptocurrencies will be tightly controlled by the state. It can leave several licensed platforms as gateways, overwhelming all other p2p exchanges. Of course, taxes will be paid here, and information about all customers will be recorded.

The conclusions from the situation are ambiguous. On the one hand, it is gratifying that the crypt is now really taken seriously. Citizens will pay taxes and fix profits officially, which means this area will become attractive to more people.

On the other hand, cryptocurrency investors in the Russian Federation are unlikely to receive a wide range of freedoms. In addition, talking about the presence of a fortune in coins is quite dangerous.

We believe that even such changes in the situation are proof of the development of the blockchain asset industry. Initially, Russian President Vladimir Putin ordered the introduction of a tax on coin mining back in October 2017, but at that time representatives of the State Duma were not working on the bill. Now the legal framework has been created, so everything will be different. It remains to be hoped that over time it will become more perfect.

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