Legal regulation of cryptocurrencies

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In Russia, it is planned to adopt a law regulating the possession and use of cryptocurrencies, as well as the specifics of its tax regulation and judicial protection.

At the moment, the sale and purchase of goods using digital currency is prohibited on the territory of Russia. Buying and selling cryptocurrencies is not prohibited as an investment.

In order to counteract the legalization (laundering) of proceeds from crime, cryptocurrency is recognized as property, in accordance with applicable laws. However, for tax purposes, cryptocurrency transactions are not subject to regulation at the moment.

Therefore, this year it is planned to adopt relevant laws regulating the turnover and taxation of cryptocurrencies. The bill provides for the recognition of cryptocurrencies as property for tax purposes, mandatory declaration of transactions with digital currencies, provision of information by taxpayers to the tax authorities about cryptocurrencies, the procedure for reporting transactions with cryptocurrencies and liability for failure to provide such information.

Thus, the controversial points of taxation of the digital currency will be legally regulated. This legal regulation will provide a clear and transparent status for cryptocurrencies. It is planned to introduce such concepts as digital rights and digital money into the Civil Code. These innovations will attract additional investments to the industry.

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