The Federal Tax Service may become responsible for the regulation of cryptocurrencies in Russia
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Deputy Finance Minister Alexei Moiseev considers it logical to assign responsibility for the regulation of cryptocurrencies to the Federal Tax Service (FTS). According to him, this issue is still being discussed.
“In the concept that we have developed, the supervisory agency will accept declarations from people about their wallets and transactions. Now the Federal Tax Service does this for everyone on foreign accounts. It is logical to assume that the Federal Tax Service should also deal with regulation,” said Mr. Moiseev “Izvestia”.
According to the Deputy Minister, Russian individuals and legal entities in the basic version will be able to mine cryptocurrency, sell it on the foreign market or keep it at home. Nothing more can be done – “neither buy back nor pay off.” At the same time, all operations on a crypto wallet must be declared, tax must be paid on income.
Information about the crypto wallet should be sent to the Federal Tax Service, Rosfinmonitoring and the Central Bank. The Federal Tax Service can become a “window for declarations.” “She is now doing the same with foreign accounts, and a cryptocurrency wallet is no different in this sense,” explained Mr. Moiseev. Rosfinmonitoring should receive information, as there are risks, for example, with money laundering. “But the interface for everyone, except for banks, will be the Federal Tax Service,” the deputy minister believes.
The bill on the legal regulation of cryptocurrency mining was submitted to the State Duma in the fall of 2022. It was supposed to be agreed before the end of last year, but the decision was postponed due to discussions.
On the prospects of the cryptocurrency market in the Russian Federation – in the column of Ksenia Kulikova “Kommersant” “Mining loves silence”.
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