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The bill on amending the Tax Code on the taxation of transactions with cryptocurrencies is scheduled for adoption before the end of the spring session of the State
The bill on amending the Tax Code on the taxation of transactions with cryptocurrencies is scheduled for adoption before the end of the spring session of the State Duma. Izvestia writes that this was announced by the head of the financial market committee, Anatoly Aksakov.
The document was accepted at the first reading in February last year. It recognizes cryptocurrencies as property and is obliged to report to tax authorities on the turnover of digital assets in the amount of more than 600,000 rubles per year. Aksakov added that there are no plans to change this threshold.
The deputy also noted that the amendments to the Tax Law could be adopted in parallel with the draft law on the regulation of the sector. He expects this document to be submitted to the State Duma in May.
According to him, the issue of regulating the bitcoin market has now faded into the background as the government has developed anti-crisis measures. In response to the Russian invasion of Ukraine, many countries imposed harsh sanctions on Russia, froze the reserves of the Central Bank of the Russian Federation, and hundreds of companies left the country.
The Central Bank of the Russian Federation, which has a prohibitive position on cryptocurrencies, believes that the possible revenues from digital assets and mining and taxation of operations may be less than losses:
“The legal part of the market will be a convenient gateway for the withdrawal of illegal funds into fiat money: the larger the “white” market, the more opportunities for the sale of cryptocurrencies obtained as part of criminal activities. As a result, the informal economy will expand.”
Recall that the Central Bank wants to ban the issuance, circulation and exchange of cryptocurrencies, as well as the organization of such operations on the territory of the Russian Federation. The regulator also insists on declaring crypto assets even in the case of a ban.
The government did not accept this position. The Ministry of Finance defended the regulation of the sector and presented the relevant draft law.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
