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  • Fri, Jul 20, 2018 Russian state: cryptocurrency owners and miners are taxed according to current tax laws


    Russian regulators say that starting this fall, cryptocurrency owners and miners will have to bear all current tax obligations. Anatoly Aksakov, chairman of the Russian State Duma Financial Markets Committee, said in an interview with the local news media "Izvestia" that there is currently no plan to develop "single currency" for cryptocurrency. "The tax framework." He revealed that during the Russian State Duma Fall Conference, a series of regulations focusing on “digital financial assets” will be approved.

    Anatoly Aksakov said: "In the latest regulatory documents, there is no institutional constraint on the separate taxation of cryptocurrency owners." That is, cryptocurrency mining and redemption transactions will follow Russia's current tax regulations and systems are managed. Previously, Russia had hoped to legislate on July 1, but from the current situation, this target may have to be postponed. According to the current tax law, users have the responsibility and obligation to calculate their own income and pay taxes according to law.

    It is worth mentioning that in a recent bankruptcy case in Russia, the judge incorporated the defendant's bitcoin holdings into his private property. The verdict was “very interesting” because it seemed that Bitcoin was considered “property”. It is still in the early stages of legislation. However, Anatoly Aksakov revealed that Russia did not rule out the possibility of introducing a separate cryptocurrency tax law in the future, which was mainly influenced by government decision-making sentiment. He added: "If the government believes that the cryptocurrency business requires a separate tax law, they will create it. But at this stage, there should be no other form of dealing with cryptocurrency taxation."

    Currently in Russia, cryptocurrency mining and exchange transactions are in a “grey zone”, and informal cryptocurrency exchanges abound, providing people with exchange services for Bitcoin, Ethereum and legal currency rubles, but these transactions are basically Both use a semi-anonymous account to complete.