Media: Russia’s Federal Taxation Service obtained Russian users’ data of the LocalBitcoins exchange
The Finnish cryptocurrency platform may have sent user information to the local tax office
07.04.2022 - 11:25
200
1 min
0
What’s new? The Federal Taxation Service (FTS) may have obtained the data of more than 100 000 Russian users of the LocalBitcoins exchange for 2021, Blockchain24 reports. According to Andrey Tugarin, managing partner of GMT Legal, the cryptocurrency platform has long been sending information about all of its users to the Finnish tax office, which cooperates closely with Russia.
Why did this happen? Russia and Finland are parties to the Convention on Mutual Administrative Assistance in Tax Matters. Dmitry Stepanin, trader and founder of the Telegram channel about P2P trading, explained:
“Information about Russian users is not provided directly to any state bodies and services of the Russian Federation. However, the platform interacts with the Finnish police and the tax office, as it is the company registered in Finland.”
That is, the exchange itself did not transmit information about users to the FTS, but the Russian regulator had every right to request information from the Finnish government. Stepanin noted that any exchange or P2P platform registered in Europe or the US can interact with the tax authorities in this way.
Useful material?
Market
Users who have experienced withdrawal problems in the last two days will be eligible to participate
Mar 28, 2024
Market
Last July, a criminal investigation into the exchange was opened by the US authorities
Mar 27, 2024
Market
The unrealized profit from the deal was $8,9 million
Mar 26, 2024
Incidents
The phasing out began on March 25
Mar 25, 2024
Crypto regulations
The new measures must go through additional stages of approval
Mar 25, 2024
Incidents
The popularity of this kind of project launch format has already led to blockchain overload
Mar 20, 2024