Cryptocurrency fans who think they might be able to cut a special deal with the Russian taxman can think again. Russian tax officials have said the decentralized currency is not in line for any special treatment, or even its own tax framework.
The head of the State Duma’s Financial Market Committee, Anatoly Asakov, said a separate cryptocurrency tax framework for cryptocurrency or specific crypto statutes were not on the table or part of the tax plans at the moment. However, he didn’t close the door on the possibility that the situation could change, should the government decide to introduce tax regimes specifically for those who use cryptocurrency.
Crypto Tax Obligations Same As Any Other
In the meantime, what cryptocurrency users can indeed expect, is a package of wide-ranging regulations which are likely to become laws when the Duma sits again later this year. Speaking to the Russian Izvestiya news outlet, Asakov said these regulations would deal with digital financial assets.
For the rest, crypto mining and exchange would fall under the existing taxation statutes, which would involve tax business as usual – the government would be claiming personal income tax from those circulating digital money, and taxing legal entities according to their form of business.
Tax an Island in Sea of Russian Crypto Changes
While Asakov hedged bets on the tax future for investors in the digital market, there have been several changes in the Russian approach to the cryptocurrency world. The latest development was the announcement this week of a “White List” of trusted companies involved with ICOs after Russians lost more than 270million rubles in the first half of 2018 to “unscrupulous” marketers.
The white list, or Register of Trusted Companies among those which provide services in the investment, mining, preparation and maintenance of ICOs, was produced by the Russian Association of Crypto-Currency and Block.
Other less resilient regulations which came (and went shortly afterwards) in St Petersburg, included a ban on spreading info regarding cryptocurrency, and, on the flipside, the deployment of cryptocurrency ATMs last year. Like in many other countries, the regulatory stance regarding cryptocurrency remains in a grey area in Russia.