Cryptocurrency Legislation in Russia

Published: 30 декабря 2022
2 min

Basic Federal Law on Cryptocurrencies

Cryptocurrency in Russia is regulated by Federal Law 259-FZ of 31.07.2020 «On financial digital assets», which entered into force in early 2021. The document equates cryptocurrency with property.

Ratio of the Ministry of Finance of the Russian Federation to cryptocurrencies

Natural and legal persons - residents of the Russian Federation are allowed operations with cryptocurrencies. The main official document on this issue is the Letter of the Ministry of Finance of the Russian Federation and the Federal Tax Service of the Russian Federation from 03.10.2016. OA-18-17/1027, which indicates that the legislation of the Russian Federation does not contain a ban on operations using cryptocurrency. Its legal to own cryptocurrency.

Opinion of the Inland Revenue

From the point of view of the tax authorities, the sale of cryptocurrency is considered as the sale of property, so the earned income is subject to NDFL 13% or 15% if incomes exceed 5 million. rub. The tax base amount is calculated as the difference between sales income and the cost of purchasing digital currencies, if documented. When receiving income from the sale of cryptocurrency you need to calculate the NDFL and file a tax return.

Support of cryptocurrencies by the Central Bank of the Russian Federation

The document, approved by the Central Bank, provides options for the implementation of the cryptocurrency, one of which presupposes its sale in Russia within the framework of an experimental legal regime. Conditions and rules of mining within the framework should be specified in another bill, which should be submitted to the State Duma in 2023.

The only restriction on the circulation of digital assets is the prohibition on the use of cryptocurrencies as a means of payment. However, responsibility for the violation of this prohibition has not yet been established. The Government is considering options for international digital transfers. The Central Bank of the Russian Federation supports the idea of using cryptocurrency to circumvent the sanctions imposed on the banking sector of the Russian Federation. At the moment, international transfers in digital assets are being tested. The legislative framework is being revised.

Presidents opinion on digital assets

On November 24, 2022, President of Russia V.V. Putin called for the creation of an international payment system based on digital currencies, which would be more convenient than classical banking, safer and completely independent from the interference of third parties.

The Ministry of Finance, together with the Russian Financial Monitoring and the Central Bank, are working on regulating the issuance, circulation and transactions in digital currencies for settlements with other countries. The authorities intend to allow international cryptocurrency settlements for any industries without restrictions. Russia has already started developing a mechanism for international settlements in cryptocurrency.

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