Russia uses its existing laws to regulate the crypto-community

The Internal Revenue Code has established a legal text governing minors and cryptocurrency holders under the Russian tax code.

In the hands of the fisc

Given that no tax regime specifies a regulatory framework for cryptocurrency holders, all transactions from the sector will now be governed by existing tax laws.

Although Russia is clearly lagging behind countries, such as Malta , which have already established separate tax regimes for cryptocurrency owners - it remains supportive of Bitcoin and altcoins in general.

In addition, individuals engaged in the circulation of cryptocurrencies will have to pay income tax . For legal persons, the contribution will depend on their type of society.

Separate taxation regimes for mining and the circulation of virtual currencies could come into effect in the future if the government deems it necessary. Izvestiya Local Media reported Aksakov's words.

"If they want to determine the tax rates for these types of businesses separately, they will do it. We do not deal with tax issues. "

The support of the Committee on Legislative Work of the Duma

The Russian parliament has approved the first reading of the new law dedicated to cryptocurrencies last May. It deals with Virtual Currencies, Blockchain, Smart Contracts, Mining and Initial Coin Offering (ICO). However, legislation has been delayed.

"We do not have time during the spring session," said Anatoly Aksakov, chairman of the Russian Duma's Financial Markets Committee.

"The technology is rather complicated, it is largely cross-border. So, taking into account its characteristics, we would not want to write standards that would not work. Documents will be ready early in the fall. We are waiting for the second and third readings in September. "

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