Russian Crypto Owners and Bitcoin Miners Will Not Create Diffferent Tax Laws

2018-7-19 09:55

Russia Will Not Create Separate Laws For Bitcoin Owners And Cryptocurrency Miners

While speaking with the local media, Anatoly Aksakov, the head of the Financial Markets Committee in Russia’s state Duma, stated that the government does not have plans to create any separate tax frameworks for crypto. According to him, people who get money from crypto-related activities will have to pay their taxes just like anyone else.

He affirmed that the legislation will not suffer any kind of change and will use the digital financial assets law that is going to become a reality soon. This means no special treatment, they will have to pay the same as everyone else under the new law, he stated.

Originally, the new laws were supposed to become a reality in July 1, but the lawmakers were not able to do it by then, so they will probably be in effect in September. Before the new laws, the onus has been previously placed on the citizens to calculate their own taxes obligations including digital assets.

Still Too Early For Specific Regulations

While Aksakov was clear to explain that the users of Bitcoin and miners will not be treated any differently or receive any discounts when it comes to taxes, he did not rule out completely that a specific tax legislation for cryptocurrency be put in effect in the future.

According to him, this will be subject to next governments. If they feel like creating new laws for this type of business, Aksakov affirmed, they will simply do it, but for now, that is not his concern at all.

The legislation for cryptos in Russia is still in a huge gray area for the moment. They do not exist officially in the government’s laws, as Aksakov made it clear, but many informal exchanges exist in the country and offer opportunities for people to buy and sell Bitcoin, Ethereum and exchange them for fiat currency, rubles.

Local governments, however, have enough freedom to legislate as they see fit and most of the states have been severely against cryptos, having bans and taking a very hardline stance on the subject.

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Sheila Bair, former chairperson of the Federal Deposit Insurance Corporation, is open to new rules for digital currency

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2018-6-22 02:29


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