Russian legal experts have scrutinized the nation’s crypto laws, implying that courts in the country have grappled when trading with crypto in the past – and implying that the current bill may have done little to elevate the constitutional confusion encompassing how tokens are controlled.
According to a report from media outlet RBC, newly proclaimed Russian laws about the legal and tax status of cryptoassets have been created to save courts from a legal entanglement that has seen cases where judges have determined the price of individuals’ cryptoassets by calculating the worth of the flash drive devices they were stored on.
But two lawyers addressing the media outlet request that the new rules have not supported the judiciary very much – if at all.
Angelika Matushkina, a legal authority at the Moscow Digital School, advised that traders who earn fiat from selling their funds are still finding the process “problematic” when dealing with banks.
Banks appear perplexed about how they should deal with crypto, and many seek to circumvent trouble from the authorities by taking draconian-sounding measures.
Matushkina claimed that transactions concerning crypto could be “blocked” and accounts “frozen.”
She encouraged traders to arrange pre-emptive meetings with their bank managers to discuss the requirements and documents needed to register income from crypto sales, to comply with new tax regulations on declaring crypto funds. Unless she warned, traders may “run into problems from the [regulatory] Federal Financial Monitoring Service (Rosfinmonitoring) or bank compliance teams.
The same media outlet cites Maria Agranovskaya, a managing partner and fintech lawyer at Russian legal advisor GRAD, as saying that the new laws have been “something of a disappointment,” as it was initially intended to “provide a basis for the legitimate activities of all market participants, to put in order the disparate practice for courts and to allow banks to work with crypto projects” – something Moscow has so far failed to do in many lawyers’ eyes.
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