Russia to Enforce All Current Taxes on Cryptocurrency Users
According to Russian finance and regulation authorities, cryptocurrencies will be treated no differently than any other asset. Head of the fin-market board at Duma, Anatoly Aksakov stated that no plans were in development regarding a different set of taxes for cryptocurrencies.
One in the same
Adding to his statement, the committee leader said that a new and expansive set of laws regarding cryptocurrency will most likely be enforced during the committee’s session during the Autumn. No differential circumstances for cryptocurrency owners regarding taxes will be included in the regulation paper as Izvestia stated.
Originally, plans to fully regulate taxes for digital assets were planned to be enforced in starting in July and an increased active participation by law officials has risen in the last few months. In one report, cryptocurrency owners were trusted with reviewing their own taxes during a recent ruling by a judge to consider his Bitcoin’s as his private property after filing for bankruptcy. Anatoly has not denied any rumors regarding possible tax rulings with a specific focus on digital assets.
Speaking to Izvestia, Anatoly said that should the need for different regulations regarding crypto happen, they will develop although no such thing is underway as now. In terms of mining and trading digital currencies, the topic remains unclarified within Russia. Unofficial crypto-exchangers exist in large numbers and provide conversion opportunities for many currencies, including BTC, Ethereum, and the native fiat currency.
National authorities have begun cracking down on the current occurrence in general before deciding to lift enforcement on a complete ban in terms of promoting or advertising cryptocurrencies in any way. Last year, much digital currency ATM’s were also installed before seemingly vanishing a few months later.