Federal Tax Service Will Be New Entry Window To The Crypto Market In Russia

Key Points:

• The Federal Tax Service is likely to become the regulatory agency for the cryptocurrency industry in Russia, alongside the Federal Financial Supervisory Service and the Central Bank.
• All cryptocurrency transactions must be declared and taxed as income and monitored by the Federal Tax Service, Rosfinmonitoring, and the Central Bank.

According to izru, the Deputy Minister of Finance of Russia said that the regulatory agency of Russia’s cryptocurrency industry is the Federal Tax Service, which will become the entry window for market participants.

The cryptocurrency industry in Russia is undergoing a lot of changes and discussions. Recently, the Deputy Minister of Finance, Alexey Moiseev, revealed that the Federal Tax Service is likely to become the regulatory agency for the cryptocurrency industry in the country. It will be the entry window for market participants, the Federal Financial Supervisory Service, and the Central Bank. The government is also planning to appoint an agency to regulate the industry.

Currently, citizens, both legal entities and individuals, are permitted to mine, sell, or hold cryptocurrency. However, no other transactions, such as buybacks or payoffs, are allowed. All transactions must be declared and taxed as income. Information about wallets and transactions will be monitored by three organizations: the Federal Tax Service, Rosfinmonitoring, and the Central Bank.

The changes in the regulatory environment raise many questions about the future of the cryptocurrency market in Russia. There have been discussions about the legalization parameters and the risks associated with the industry, such as money laundering. A bill submitted to the State Duma proposes the appointment of an agency to regulate the industry, but the details of this department are still unclear.

In addition to the regulatory changes, Deputy Minister Moiseev spoke about the co-financing period under the new long-term savings program and how the marketplace will work for buying state property. These changes will significantly impact the cryptocurrency industry in Russia and its participants.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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