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Russia: cryptocurrency owners are to pay taxes

Today the State Duma will hold a meeting of the interdepartmental working group on risk assessment of cryptocurrency turnover.

Discussion of the problem will be attended by members of the advisory board of the Committee for Security and Anti-Corruption, representatives of federal agencies and the scientific community, according to the Parliamentary newspaper.

As the newspaper notes, in spite of the considerable interest and considerable attention from government agencies to cryptocurrencies, to date their legal status, as well as taxation of operations with their use is not defined.

Although previously the Finance Ministry has even developed a bill to impose liability for the exchange of money surrogates, in the last year there has been considerable progress in the discussion of cryptocurrency turnovers' risks.

"From the sharply negative cryptocurrency turnover estimates, we moved on to discuss the issues of legal regulation," noted State Duma Deputy Andrei Lugovoi.

During the meeting of the expert council it is planned to discuss legal and economic nature of cryptocurrency (a medium of exchange, a specialized product, a payment instrument, etc..), the area of legal control of cryptocurrency turnover (mining, exchange platforms and others.), tax regime of production and cryptocurrency turnover, requirements for identification of market participants, and well as a number of other issues.

According to the Parliamentary newspaper, today in Russia, "cryptocurrencies are not used very widely and only in operations carried out by individuals." For example, freelancers are paid with Bitcoin. Therefore, it is hardly surprising that tax authorities were among the first to legalize transactions with cryptocurrency.

At the same time quite surprising for the present daysstatements are heard in Russian circles.

"Cryptocurrency wasn't created for computer games, it is, in fact, the notorious Ponzi scheme, but on a global scale," said the chief researcher at the Russian State University of Justice, Doctor of Law Anatoly Selyukov.

According to Selyukov, the task of Bitcoin creators includes, "First inflate the cryptocurrency, raise its value, and then ditch everybody." But no one will particularly beresponsible for it: under the laws of different countries this currency has no owner.

"Meanwhile, our Ministry of Finance still cannot decide and is ambivalent: now it flirts with cryptocurrency, then denies it," said Selyukov.

Let us remind, initially the meeting of the working group on risk assessment of cryptocurrency turnover was planned for December 15, but was postponed. In a recent interview on the Voice platform the head of the group Elina Sidorenko said that talks of widespread legalization and use of cryptocurrency are premature.

On November 29, Russian reference and legal system "Consultant Plus" accepted the letter from Russian Federal Tax Service regarding the official position of the authorities on the status of cryptocurrencies in Russia. As chairman of Russian and director of the Group for legal services for technological projects Deloitte Artem Tolkachev said in his comment for ForkLog, in general, the document contains all what the community said the past three years. However, in his opinion, "a conclusion concerning foreign exchange operations looks very strange."


  • December 20, 2016 5:51 PM MSK