Russian Government plans to bring exchange of cryptocurrencies under control

April 14, 2018 12:00 AM
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Russian Government plans to bring exchange of cryptocurrencies under control

As notes the publication, Russian banks already monitoring traditional operations for the mentioned sum in countering money-laundering and the financing of terrorism . The Government is also sure that profit from transactions with digital assets should be taxed as such.
It should be noted that the bill "About Digital Financial Assets" was introduced to the State Duma on March 20 by group of deputies together with the head of financial market committee Anatoly Aksakov. Earlier ForkLog has written that this version of the bill is no different from the text published on the website of the Ministry of Finance of the Russian Federation in late January this year .
As Anatoly Aksakov has told to "Izvestia", by the outcome of the current meeting the government has supported the project, however a response had not yet reached the State Duma.The document states that "the bill should be further elaborated for the second reading".
It’s noted that the Government "The introduction of compulsory monitoring over all exchange operations of cryptocurrency for the Russian or foreign currency equal or exceeding 600 thousand rubles or the equivalent in other currencies ".
In turn Russian financial monitoring has stated that "exchange dealers of cryptocurrency should also be included among the organizations specified in article 5 115-FZ". It is expected that it will oblige them to uphold existing standards in the area of anti-money-laundering . However, all Russian banks are following these rules already with regard to cash in and out for the account of company, into the personal account, currency exchange, purchase of high-value securities, etc. Violating the terms of the article 115-FZ Credit institutions may lose license.
According to the President of the Russian association of cryptocurrencies and Blockchain Yury Pripachkin, in the current version of the bill transactions with cryptocurrency are only valid, so they may fall under control of banks’ standards and Russian financial monitoring. At the same time he has noted that such an approach will force the Russian Miners to look for another jurisdictions — they would seek to exchange the obtained cryptocurrencies for foreign monetary units abroad. On the other hand the withdrawal does not specify with what type of tax profit on production of cryptocurrency has to be assessed and whether Miners will need to register private enterprise .
According to the associate professor of Russian’s Presidential Academy of National Economy and Public Administration Teimuraz Vashakmadze, it would be possible to tax with a standard 13 percent rate those people who "speculators in the cryptocurrency market who buy currency cheaper and sell it for even more money ", however it will be difficult to tax authorities monitoring the implementation of such law . Vashakmadze has also added that buying and selling of cryptocurrencies — is anonymous, and "if the person doesn’t announce that he or she has bought and has sold Bitcoins, then no one can find out about this, therefore many people voluntarily won’t declare such income".
We will remind, that on 20 March, the bill "About Digital Financial Assets" has been introduced to the State Duma of the Russian Federation. Igor Sudets —Member of the Expert Council on digital economy and a blockchain technologies of the State Duma and the director of the educational program "The legal framework and jurisprudence and methods of work with cryptocurrencies and Blockchain projects" of Plekhanov Russian Academy of Economics (Moscow) he made a detailed presentation of this document to the editorial office.