Bitcoin News and Finance
Tax Authority Slated to Become Main Crypto Regulator in Russia Skip to main content

Tax Authority Slated to Become Main Crypto Regulator in Russia

Tax Authority Slated to Become Main Crypto Regulator in Russia

Russia’s tax administration is going to be tasked with overseeing the crypto industry in the country, a high-ranking government official has indicated. According to the regulatory concept that’s currently under consideration, the revenue service will also serve as an entry point for market participants.

Russians to Report Crypto Holdings and Transactions to Their Tax Service

The Federal Tax Service of Russia (FTS) will likely be the nation’s leading regulator for the cryptocurrency sector and admit participants to the market, Deputy Finance Minister Alexey Moiseev has said in interview with the daily Izvestia.

Russian lawmakers are preparing to adopt a package of laws on crypto assets during the spring parliamentary session. According to the draft legislation designed to introduce rules for the industry, the Russian government is expected to appoint a state body that will regulate it.

The matter is still under discussion, Moiseev remarked. “In the concept that we have developed, the supervisory agency will accept declarations from people about their wallets and transactions. Now, the FTS does this for everyone’s foreign accounts. It is logical to assume that it should also deal with [crypto] regulation,” the official elaborated.

Both legal entities and private individuals in Russia will be able to mine cryptocurrency, sell it on foreign markets, or hold it, the deputy finance minister also noted, pointing out that all these transactions must be reported and taxes paid on the income. Information about the wallets and transactions will be shared with three institutions, he added.

“Firstly, this is the Federal Tax Service, which, apparently, will be a window for citizens’ declarations. It is now doing the same for foreign [bank] accounts, and a cryptocurrency wallet is no different in this sense,” Moiseev explained, during the St. Petersburg International Legal Forum.

The other two organizations that will receive the data will be Russia’s financial watchdog, Rosfinmonitoring, and the Central Bank of Russia. “But the interface for everyone, except banks, will be the Federal Tax Service,” the finance ministry official emphasized.

With wave after wave of Western sanctions and financial restrictions over the invasion of Ukraine, Russia has been stepping up efforts to legalize at least some crypto-related activities such as mining and the use of cryptocurrencies for international settlements.

Four laws are currently under review in the State Duma, the lower house of Russian parliament. Last week, the head of the Financial Market Committee, Anatoly Aksakov, said that the plan is to adopt them by the end of July.

Do you think the Russian parliament will approve the government’s proposal to task the tax service with crypto regulation? Tell us in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory