The head of the Russian Financial Market Committee, Anatoly Aksakov has sounded a note of warning for all Russian coin owners and crypto investors to declare their digital assets. He mentioned this at the Russian parliament on Tuesday where he also urged for a comprehensive taxation and regulation of crypto-related activities, including mining.
Anatoly Aksakov Warns Russian Crypto Investors About Losing Everything
According to Anatoly Aksakov — one of the prominent names in Russia’s crypto regulatory space, Russians have invested no less than 5 trillion rubles (nearly $67 billion) into crypto. And in fact, some of these investors may lose everything, seeing as cryptocurrencies have no backing. He went further to mention how many of the investors are rookies who have no investment experience whatsoever. According to Aksakov, this makes them vulnerable to pyramid schemes and all sorts of crypto scam.
Additionally, the Russian lawmaker then repeated earlier warnings in an interview with the parliamentary Duma TV channel. Citing the degree of volatility in the digital currency market, he lamented how quickly crypto prices can move about 20 – 30% in any direction.
Because of this, it is only important that the market be properly regulated, says Aksakov. According to the lawmaker, this will ensure that Russian citizens are protected, and taxation will become established. But there’s a but.
Identity Is Key
Aksakov summed up his warnings with the importance of identifying all crypto owners in the sovereign state of Russia. His statement follows after a similar submission by Alexander Bastrykin — head of the Investigative Committee of the Russian Federation. Just last week, Bastrykin, who answers directly to President Putin, had insisted that crypto ownership should not remain anonymous. At the time, Bastrykin added that a mandatory identification of all crypto users must be introduced in Russia.
Now in the same vein, Anatoly Aksakov is saying all crypto holdings must be declared to the state. This will ensure to mitigate against terrorism financing, drug trafficking, and weapons acquisition.
Although there’s no standing law on taxation just yet, but Aksakov also mentions that Russians must pay taxes on their crypto profits even under the current legislation.
