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Sberbank Demands Information on Crypto Earned Revenue


Sberbank has requested a client to disclose the revenue gained from cryptocurrency. This was reported in the Russian version of Forbes dated May 17. Sberbank is one of the largest banks of Russia.

This information was told by Co-founder of cryptocurrency trading platform, Vladimir Smerkis. He said that the client unnamed by the bank had received a letter thereby requesting to reveal his income from the cryptocurrency market. The letter said the demand was made under Federal Law No. 115. “On Combating Money Laundering and Terrorism Financing.” The client mentioned has already got in touch with the bank with the details demanded.

Not only the details of the income the bank was much more interested in the information regarding his crypto wallet address, the mining equipment used by him and the hash rate indicators. In addition to the information about revenue, the bank also asked the individual to produce the proof that would confirm his ownership or lease of the mining equipment.

Bank also demanded documents about the premises that housed the farm. The band has now confirmed all the information.

Smerkis said that “we are very much perturbed by how Sberbank can appeal to terms that do not yet exist in Russian law.” The founder and CEO of regulated decentralized exchange Tokenomica, Artem Tolkachev responded that this is not a new breed of request, saying that Sberbank “operate within their regulatory framework for handling cash. So it is a way of legally introducing cryptocurrency revenues into circulation.”

The Prime Minister of Russia Dmitry Medvedev yesterday stated that their government was least concerned about cryptocurrency because the craze for it seems to be vanishing slowly. He further added that the issue received more attention in the forum held in May 2018.

As of now, the prime minister stated that he has urged the government to legislate some of the basic crypto terms. He said this was because though the craze of BTC has wearied off but other cryptocurrencies in the market can still take up the place and the mod might return.

There has been a crypto bill “On Digital Financial Assets” which was Russia’s principal crypto bill that was passed in the lower house of the Russian Parliament. This happened in May of 2018. But the bill was sent back by Duma to the first reading stage because the bill did not contain basic concepts of cryptocurrency such as crypto mining.  Since then the bill has just been delayed to date.

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