Sberbank Bank In Russia Demands Income Data From Cryptocurrency By Client

Sberbank bank, Russia’s largest financial institution requested a single client to provide information on their income made by cryptocurrency. According to the reports that reached our latest cryptocurrency news, we read more in the text below.

According to the Forbes Reports, the co-founder of the tokenbox.io crypto trading platform Vladimir Smerkis, the unnamed client received a letter from the Sperbank bank requiring information on the crypto revenue. The letter based its request on the Federal Law no.115 ‘’on Combating Money Laundering and Terrorism Financing.’’ The client had informed the bank previously about the income from exchange cryptocurrencies.
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However, the bank wanted to find out more. Sberbank requested to know the user’s crypto wallet address and what mining equipment was the client using, including the model and the parameters of the mining farm.

The bank also requested other documents including a confirmation of the ownership or lease of the mining equipment. Other documents that were required by the client were the premises housing of the farm. According to the reports, the bank confirmed the information.

Smerkis pointed out:

 “We are very much perturbed by how the Sberbank bank can appeal to terms that do not yet exist in Russian law.”

The CEO of the decentralized exchange Tokenomica Artem Tolkachev also responded to this 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 the country Dmitry Medvedev pointed out in the coming altcoin news that the crypto regulation is not a priority for the country anymore since cryptocurrencies are losing popularity. Medvedev previously urged the government to legislate at least some basic crypto terms. The hype around bitcoin has since dropped but the markets are still expected to rally as the prime minister concluded.

The crypto bill ‘’on digital Financial Assets’’ was passed by the lower house of the Russian parliament back in 2018 but it was sent back to first reading state instantly due to a lack of key terms such as crypto mining. Since then, the Russian Duma hasn’t initiated another reading for the crypto bill and subsequently, it always gets delayed.