Crypto Anonymity Must End, States Top Russian Policymaker
The Chairman of the State Duma (the Russian parliament)’s Committee on Financial Markets Anatoly Aksakov has insisted that crypto users in the country should be unmasked – and that crypto anonymity should become a thing of the past.
Speaking to DumaTV, Aksakov, who is the de facto deal-broker between pro-business forces in the government and the decidedly anti-crypto Central Bank, warned that “unqualified investors” have already spent millions of dollars worth of their money “investing” in tokens, but warned:
“They stand to lose everything because there is no collateral [underpinning] these digital currencies.”
This, he noted, was a factor that makes “[financial] pyramids [schemes] a possibility” in the crypto world.
Aksakov stated that crypto users must enjoy certain “rights” – but added that these must come at the cost of anonymity. He said:
“Therefore, it is important to regulate the market, and to protect our citizens first and foremost. We must also establish a system of taxation, as well as certain rights for cryptocurrency owners. However, [crypto users and their holdings] must be identified.”
The committee head stated that forcing people to declare their holdings would ensure that “among other things,” tokens would not be used to “finance terrorism, fund drug trafficking and used in the purchase of weapons.”
Aksakov noted that “big fluctuations” are commonplace in crypto, adding that “the price of a cryptoasset [frequently] moves by 20-30% in one direction or the other.”
However, much has been said about crypto in the world of Russian politics, but thus far very little has actually been done about it. To date, just one piece of crypto-related legislation has been promulgated: a decree outlawing the use of crypto in
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