A tax on cryptocurrencies will be introduced in Russia: what is the threat of such innovations?

07-04-2021

The Federal Tax Service is going to pass a law that will oblige owners of cryptocurrencies to pay taxes for transactions with digital assets. The list of penalties will include personal income tax or income tax, while the bill does not provide for VAT. Investors will be forced to declare cryptocurrency assets if the amount of transactions exceeds 600 thousand rubles a year.

The new bill has several significant disadvantages. It does not take into account:

  • the way digital assets are obtained (mining, purchase, inheritance, etc.);
  • the volatility of cryptocurrencies
  • mobility of transactions (one wallet can hold many digital assets at the same time).

For ignoring the rules specified in the bill, companies and individuals will pay a fine of 10% of the number of transactions with cryptocurrencies. Experts believe that such a decision of the Federal Tax Service will force many investors to bypass the law. Earlier, a law on digital financial assets was adopted, which has not solved the issue of regulation of cryptocurrencies. Particularly many questions were raised by the prohibition of payment for goods and services with digital assets.

Development of cryptocurrencies in the U.S.

Unlike the Russian market, cryptocurrencies in the U.S. are moving steadily toward the role of an accepted means of payment. This is evidenced by the possibility of buying Tesla cars for bitcoins (this payment method is only available to buyers from the United States for now). Goldman Sachs CEO David Solomon is confident that customers of financial institutions will soon have direct access to cryptocurrency assets.

“I think there’s going to be a big evolution. We’re operating under the rules that we have, and I’m not going to speculate on what the new rules might be for regulating financial institutions, but we will continue to look at ways to serve our customers,” David Solomon explained in an interview with CNBC.

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