According to the current international recommendations, considering that operating with cryptoassets does not represent a conventional investment in regulated financial assets, but mostly a purchase of produced non-financial intangible assets, when performing the international payment operations the authorized domestic banks should consider these payments as current transactions, between residents and non-residents. It should be taken into consideration that this area has a volatile nature and is a subject of permanent monitoring, due to which the current recommendations could be altered.
According to the National Banks’ Manual for international payment operations, for executing a payment order to non-residents based on current transaction, a document which determines the grounds and obligation for payment abroad is needed, therefore, when investing in cryptoassets abroad, given their specificity, the domestic bank should determine which document will be sufficient when acting in accordance with the regulations. A transaction order by the resident could be considered as an appropriate document, or an agreement or any other document that confirms the transaction.
The code 112 (import/export of goods) stipulated in the Code List on payments and collections which is a part of the Manual for international payment operations should be used in performing payments/collections.
Regarding the inflows for residents from the sale of cryptoassets abroad, the domestic bank should implement the procedure for direct collection, i.e. to approve the transaction account of the resident, if there is a previous written information provided from the resident on the type of transaction and number of transaction account to which the collection should be approved, without asking for any specific documents.
Finally, we would like to point out that the National Bank is not a regulator, nor has any supervisory role related to trade in cryptoassets, whether they are obtained with direct communication between trading entities, or the trading with cryptoassets is done on digital platforms or by foreign brokers. We emphasize that the investors in cryptoassets bear the overall risk from their investments on their own. (back | back to Q&As)
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