A year ago, Sberbank, as part of combating money laundering, blocked the accounts of a resident of Revda. From May to August 2020, he was engaged in the sale of cryptocurrencies on P2P platforms; and Sberbank considered these transactions as “suspicious”. In addition, the bank refused to unfreeze the accounts even after it provided all the necessary documents about the legality of the transactions. At the same time, the bank did not provide any clarification on the situation.
However, justice prevailed and the Sverdlovsk Regional Court ordered the bank to unblock the accounts.
In the court of first instance (Revda City Court), Sberbank was supported. However, the client not satisfied with this state of affairs; and he appealed to the Sverdlovsk Regional Court, which later recognized the client’s rightness.
At the same time, the court noted that Sberbank had grounds for blocking accounts. However, after the client provided confirmation of the legality of their transactions; the bank had to remove the lock and restore access to remote banking services. For some unknown reason, the bank refused to do it on a voluntary basis.
At the same time, the court noted that the client did not use bank accounts for those purposes that protected by the law “On Protection of Consumer Rights”; in this regard, the client will not receive compensation for moral damage.
However, the most important thing is that the court recognized the client’s correctness; and ordered Sberbank to unblock his accounts and return access to the remote banking system. The decision of the Sverdlovsk Regional Court may become a precedent and further used in other similar court proceedings.
According to experts, unlocking the cards of a Revda resident is one of the most important court decisions over the past few years.
Russia may soften its stance on cryptocurrency
Cryptocurrencies is facing regulatory uncertainty in Russia. The rules in force in Russia do not recognize Bitcoin and other cryptocurrencies as a form of payment, however, the circulation and ownership of cryptocurrencies not prohibited in the country.
At the same time, the legal status of cryptocurrencies assigned back in 2020, but by not accepting them as legal tender, the country found itself at a dead end, how to define cryptocurrencies in the proposed legislation?
At the moment, there is a bill that provides for the recognition of cryptocurrency as an “asset”. It also proposes regulation of the circulation and ownership of cryptocurrencies, and also defines responsibility for non-compliance with the rules established by the bill.
In addition, it obliges the citizens of the country to declare their assets in cryptocurrency. For failure to provide information or providing false information about transactions with cryptocurrencies, citizens will be taxed.
The expected date of entry into force of this bill is April 2022.
At the moment, the bill is under consideration, and it not known whether it will benefit cryptocurrency traders or not. Since the country’s authorities are seriously concerned about the use of cryptocurrencies for money laundering.
Although, most likely, the new law will weaken the current restrictive rules in force in the country, which will give more freedom to investors in cryptocurrencies.
This also evidenced by the recent decision of the Sverdlovsk Regional Court.