Monday, May 29, 2023

A person in an important position in the Russian government announced that the national tax office is going to be in charge of taking care of crypto businesses. Meanwhile, they are planning to have the revenue service act as the portal for these kinds of corporations to access.

Russia to Assign Federal Tax Service a Power to Supervise Cryptocurrency Market

Alexey Moiseev, Deputy Finance Minister of Russia, has said in an interview with Izvestia that the Federal Tax Service (FTS) of Russia will likely be responsible for supervising the cryptocurrency market and deciding who gets to join it.

The government in Russia is planning on passing a group of laws about things called crypto assets. These laws will tell how to use them properly and create a special government body that will make sure people are following the rules. Alexey Moiseev will be part of this team.

The important details of the topic are still being discussed, Moiseev said. He explained that a special agency has been proposed to require people to tell it about their digital wallets and any transactions they have made with them. The same agency is already responsible for monitoring everyone’s foreign accounts and it makes sense that this could be its job when it comes to cryptocurrencies too.

In Russia, companies and normal people are allowed to make money by mining cryptocurrencies, selling them in foreign markets or keeping them. The government needs you to report any transactions and pay taxes on the money you make from this. They might also ask you for information about your wallets and other related things.

The Federal Tax Service will soon become a way for people to tell the government about their foreign bank accounts and cryptocurrency wallets. Moiseev said this during the St. Petersburg International Legal Forum.

The Russian Government is sharing data to 3 organizations: Rosfinmonitoring, Central Bank of Russia and the Federal Tax Service. The Federal Tax Service will be used as the main “interface” for everyone except banks.

Due to the invasion of Ukraine, Russia has been given some strict rules and punishments from Western countries. So, in order to make up for it, Russia is considering four laws that will allow mining cryptocurrencies and using them for international business dealings. This plan was announced by Anatoly Aksakov (the boss of Financial Market Committee) last week and he said that they should be done before July ends.

Do you think that Russia’s government will win the approval from its parliament to give the tax department the responsibility of managing how cryptocurrencies are regulated? Tell us what you think by leaving a reply in the comments section!


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