Russia’s Ministry of Finance allowed the possibility of cryptocurrency recognition as a means of payment
Such a provision is contained in the new version of the draft law finalized by the department
18.04.2022 - 07:35
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What’s new? Cryptocurrencies in Russia may be recognized as a means of payment that is not a monetary unit of the Russian Federation, as well as investments. This is stated in the draft law “On Digital Currency” prepared by the Ministry of Finance. A copy of the document is available to GetBlock Magazine’s editorial team.
What else is known about the future regulation of the market? According to the Ministry of Finance’s finalized version of the draft law, there should be no obligated person (a specific legal entity responsible for the circulation of the asset) in relation to cryptocurrency. The organization of the circulation of digital assets will be available to the operators of exchange and operators of digital trading platforms. Both types of operators are required to enter a specialized register, be defined as AML/CFT (anti-money laundering and counter-terrorist financing) subjects, and their activities will be licensed and monitored by an authorized body. Only Russian legal entities will be able to register as operators. Foreign companies will have to create a business entity to operate in the Russian market.
To buy and sell cryptocurrencies, users will be subject to mandatory identification. All fiat transactions will only be conducted using bank accounts. As for mining, Russian legal entities and self-employed entrepreneurs will be able to engage in it after being included in the relevant register.
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%.
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