Mikhail Mishustin, head of the Federal Tax Service of Russia, believes that cryptocurrency makes it possible to evade taxes, cash out funds and deceive the state.
According to the head of the Federal Tax Service, the time has come to tackle “quasi-money and special payment systems that help evade taxes.”
According to Mishustin, cryptocurrency is not money or means of payment, but rather financial instruments. This means that cryptocurrency transactions should be taxed in the same way as securities are taxed.
According to the same logic, mining and miners should be subject to taxation. The head of the Federal Tax Service does not agree with the exclusion of the concept of mining from the bill “On Digital Financial Assets”.
The Federal Tax Service of Russia plans to seriously engage in the taxation of digital assets and bring transparency to the cryptocurrency market. Apparently, the Central Bank of Russia agrees with this initiative. Recently, the Central Bank openly stated that Moscow wholesale markets are building shady schemes using cryptocurrency. Despite the obvious skepticism of crypto experts towards such a statement, it apparently found a response in the tax system.
Today there is no legal framework for cryptocurrency activities in the country. However, this did not stop Andrey Konkov, Deputy Head of the Department of Taxation of Legal Entities of the Federal Tax Service, from declaring the obligation of taxpayers to pay taxes on all cryptocurrency transactions today.
Whether the adoption of a cryptocurrency package of legislative acts will be accelerated after such statements is still unknown.
You May Also Like
Finland handed over information about Danish traders to Danish tax authorities
The Finnish tax authorities handed over information about 2,700 crypto traders to the Danish tax authorities. According to the press release, they used the Finnish exchange to collectively buy and sell approximately $15.65 million worth of Bitcoin. Some investors traded amounts ranging from $1,105 to $110,450. Most traded in smaller amounts and very few traded in amounts greater than $110,450.
Wall Street retreats from cryptocurrency
According to Bloomberg, Wall Street is gradually abandoning the cryptocurrency market. Despite market declines, regulatory issues, and fraud, there was a time when it looked like Wall Street would be able to drive up prices in the crypto asset market.
