Banks demand explanations – Kommersant FM
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Sber told what to do if the account was blocked due to transactions with cryptocurrency, the bank’s explanation is provided by RBC. The credit institution reported that the client can provide his account information on the crypto exchange. Even screenshots that reflect the history of transactions and allow you to unambiguously identify the owner of the profile will be enough. Most often, Russians buy cryptocurrency on P2P platforms. The process involves transferring money between individuals from card to card. Banks may consider such transactions suspicious.
Is it possible to trade cryptocurrency without the risk of account freeze? Yuri Brisov, partner of the law firm Digital & Analogue Partners, answered this question to Kommersant FM: “If these are small operations, say, up to 100 thousand rubles, not systematic (several times a day), but several times a week or no more once a day, banks often do not block such transactions. As soon as banking algorithms begin to observe systematic patterns in transactions, accounts are blocked, the bank requests additional documents, and tries to figure out what is happening.
Some banks receive all statements from accounts that cryptocurrency activity is being conducted, but it is legal and exclusively for private purposes, in small volumes, but they still block the account. These are their internal protocols. Other banks will unblock the account and will simply monitor it more closely, making sure that these operations continue to be within the framework of private activities and not systematic business activities.
It is believed that activities that are systematic in nature, carried out by a person at his own peril and risk and aimed at profit, are entrepreneurial. Unfortunately, this definition from Russian legislation does not in any way reduce the degree of uncertainty in how to distinguish between private and entrepreneurial activities. Clarity is formed by court decisions, internal standards, and bank protocols. Each bank, depending on its risk appetite and customer focus, understands how much it needs to work with such clients.”
Since January 2021, cryptocurrency in Russia is recognized as property, and income from its sale must be taxed. If the client tells the bank about such transactions, the Federal Tax Service may also find out about this, Nadezhda Orlova, a partner at the Orlova\Ermolenko law firm, does not rule out: “Tax authorities may request information from the bank about the flow of funds in the accounts of individuals. Therefore, if a person discloses some information to the bank, he must understand that the tax authorities may also have it. Such transactions must be correctly disclosed and declared with the understanding that this can be verified.
There are many considerations when filing such a tax return. In essence, this is the independent maintenance of a detailed register of transactions for a year so that they can be disclosed later. Or you can contact professionals, tax consultants who know how to work with this. In general, this is just as difficult as when moving some investment portfolios, when information is provided by brokers, and a person can prepare a report based on it.”
At the end of February 2024, the regulator recommended banks to pay special attention to transfers related to the purchase of cryptocurrency. The Central Bank believes that these payments are often made to the cards of dummies.
Everything is clear with us – Telegram channel “Kommersant FM”.
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