Russia will start issuing digital notarial powers of attorney using blockchain
According to the FNC’s President, the project will open up new opportunities for efficient and secure document management
15.04.2022 - 15:55
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What’s new? The Federal Notary Chamber (FNC) took part in an experiment of the Federal Taxation Service (FTS) of Russia which consists in exchanging machine-readable electronic powers of attorney using a blockchain platform. This is reported by TASS. The new technology will make the circulation of powers of attorney more efficient and secure, and increase the convenience of citizens when applying to a notary. The process of issuing a digital power of attorney will become simpler.
Information on the TASS website
What does the FNC say? The organization’s President, Konstantin Korsik, reported that their cooperation with the FTS has repeatedly enabled the creation of advanced, reliable, and convenient tools for citizens and businesses.
The Federal Taxation Service launched an experiment to test the technology of exchanging machine-readable power of attorney in September 2021. From January 1, 2023, the use of machine-readable powers of attorney will be mandatory.
What had happened before? The Government of the Russian Federation submitted to the State Duma a bill on the specifics of taxation for transactions involving digital assets. According to the document, Russian cryptocurrency organizations that issue digital assets and cryptocurrency exchanges will be subject to value-added tax (VAT) of 13%, while foreign companies will be subject to 15%. Crypto organizations will have to provide tax information on transactions no later than February 1, 2023.
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