Russia’s Ministry of Finance calls the Federal Taxation Service a likely regulator of the crypto market

The department will become an “entrance window” for industry participants

15.05.2023 - 09:40

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2 min

What’s new? The Federal Taxation Service (FTS) may be appointed as the regulator of cryptocurrencies in Russia, which will become an “entrance window” for all market participants. The government of the Russian Federation will make the final decision on approval for this role, Deputy Finance Minister Alexey Moiseev told Izvestia.

The full version of the interview

What else is known? According to Moiseev, the issue of appointing a supervisory authority is still under discussion.

“In the concept that we have developed, the supervisory authority will accept people’s declarations of their wallets and transactions. Now the Federal Taxation Service does it all on foreign accounts. It would be logical to assume that the Federal Taxation Service should do the regulation as well,” the official said.

Moiseev also spoke out on the use of cryptocurrencies by individuals and legal entities. According to the deputy minister, in the basic version, outside the experimental legal regimes (ELRs), citizens will be able to mine cryptocurrency, store it, or sell it on the foreign market. The purchase of cryptocurrencies, as well as their use as a means of payment, will be prohibited.

In this, wallets and all transactions with cryptocurrencies will be required to declare and pay tax on the income received. Information about the wallets and transactions will be received by three organizations: the Federal Taxation Service, the Federal Financial Monitoring Service (Rosfinmonitoring), and the Bank of Russia.

Earlier, Deputy Anatoly Aksakov reported that the State Duma plans to adopt draft laws regulating the mining market, payments in digital assets on foreign markets, their taxation, and liability for their illegal use by July 30.

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