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From January 1, 2020, crypto exchangers will transmit data on all operations carried out by Russians
New law will attract large institutional participants to the market
Participants will have to pay taxes
International consortium of news organizations developing transparency standards.
Russian regulators are actively working to form a legal framework for cryptocurrencies. In a few months – from the first day of 2021 – a number of laws will come into force that can forever change the life of the Russian crypto community.
The BeInCrypto editorial team decided to ask the experts how regulation will affect the digital asset market in Russia and its participants.
Entrepreneur, financier, member of the Association of Professional Directors of IDA, Nikolay Neplyuev, noted that from January 1, coming 2021, an order on the legalization of cryptocurrencies will come into force in Russia. Against the background of the changes, the citizens of the Russian Federation will have to officially report to the tax office on their operations with digital assets and pay taxes. In particular, the Ministry of Finance, the expert drew attention, proposes to oblige crypto exchanges and digital currency exchanges to transfer data on all transactions carried out by Russians..
“If you are the owner of digital assets, then get ready to provide the Federal Tax Service with an exhaustive report on the state of your accounts: conducted exchange and speculative operations, on the balance on accounts in ruble equivalent. In the event of evasion of reporting and payment of the required taxes, the Russians will face penalties and criminal liability. For example, if the annual income from digital currencies exceeds 100,000 rubles, a fine of at least 50,000 rubles and up to 30% of the total value of the owner’s cryptoassets is assumed. And if we are talking about concealing annual income from cryptocurrency over a million rubles, then the offender will face criminal liability with the likelihood of imprisonment for up to three years, “Nikolai Neplyuev explained the situation..
Mining in Russia from 2021, in his opinion, will also be called into question. The expert recalled that on the eve of the Ministry of Finance there were debates regarding prohibiting the Russians from making profit from the extraction of digital assets. But at the same time, mining itself is not prohibited, therefore, Russian miners are offered to work for free.
The hashrate distribution map of the most capitalized cryptocurrency – bitcoin. Data: cbeci.org
“Such an innovation is likely to alienate professional miners and cryptocurrency speculators, forcing them to change their citizenship. However, this will expand the field of activity for all other Russians and will allow to replenish the budget in an organic way, without creating tension in the spheres of business, which will have a positive effect on the domestic economy of Russia, “Nikolai Neplyuev summed up.
She shared her next opinion on the issue with us editor of the Cryptonization project Irina Dzhigilo. She also drew attention to the fact that the “Law on CFA” will come into force on January 1, 2021. The expert noted that all companies working in the crypto industry will be required to bring their activities in accordance with this law by June 1 , 2021.
“I believe that the adoption of the“ Law on CFA ”and the regulation of the cryptosphere will have a positive impact on the development of the entire industry,” said Irina Dzhigilo.
The expert drew attention to the fact that on the territory of the Russian Federation, the only means of payment has always been the Russian ruble. To purchase a product or service, you need to convert any currency (dollar, euro, etc.) into it. In fact, the “Law on CFA”, in her opinion, put cryptocurrencies on a par with foreign classic fiat currencies. Regulation, noted Irina Dzhigilo, prescribes a similar procedure for cryptocurrencies and fiat currencies of other states.
The position of Russia on the map, which displays the installed crypto ATMs and trading points where you can pay with cryptocurrency. Data: coinmap.org
The adoption of the “Law on CFA” and regulation, in her opinion, will attract large institutional participants to the market. Previously, they could not work in the absence of a legal framework, the expert noted, but now there is a regulatory document that allows you to make, for example, legal payment services or legally accept payments in cryptocurrency.
The regulation, in her opinion, will lead to a number of changes, among which Irina Dzhigilo noted the following:
- Technological expansion of the influence of cryptocurrencies and the introduction of a financial instrument into everyday life.
- Attracting a wide audience to the digital asset market.
This, according to the expert, will have a positive effect on the entire industry..
“A conditionally negative factor is the need to pay taxes. Previously, there were no taxes for crypto companies. The need to pay taxes can affect the growth of the cost of services of crypto companies in the short term. But with the development of competition and an increase in the number of market participants, services will become much better quality and more transparent, while prices will be optimal and not higher than those that we see in the current market, ”summed up Irina Dzhigilo, noting that all the positive changes, according to her opinion will start from the very beginning of 2021.
Recall that earlier the BeInCrypto editorial staff figured out where in Russia you can pay with bitcoins.
All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..
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