Russia intends to tax cryptocurrency transactions

[maryyny]

Russia plans to tax cryptocurrency transactions in the near future.

The State Duma and the Ministry of Finance are preparing to introduce the legislation according to the publication Kommersant.

Miners will be considered entrepreneurs, and they will have to keep records, and pay taxes/fees. Cryptocurrency transactions themselves will not be taxed unless the transaction "brings the individual financial benefits."

Lawmakers intend to set the tax rate on cryptocurrencies to 13%.

But, according to experts it will not be implemented immediately. For example, taxation does not yet know how it will identify miners and investors of cryptocurrency.

"The FTS simply does not have any experience in this area, nor understanding of how cryptocurrency exchanges operate. In addition, state regulation runs counter to the principles of anonymity and independence regarding the functioning of electronic currency," according to a letter from the Ministry of Finance addressing cryptocurrency dated October 13, 2017.

[vrabac68]

This is all normal.On the end everybody will tax crypto in their countries one day.For now its still good but tax day is close
Its not a big deal 13%

[Nekrasova]

How it will influence the market ?

[croptodic]

Crypto currencies are meant to be created as a decentralised currency where there'll be no third party intervention. If tax being imposed to it, won't the feature of it loose its value?

[dogtana]

Well duuuh, of course this is normal.

[Fazlurkhan.kz]

Russia here is trying to bring back the centralization system and implement it on these decentralized cryptocurrencies which will just diminish the complete goal of the entire existence of cryptocurrencies. It might bring some positive effects like decline the use of cryptocurrencies in illegal activities but still, there are chances the government might start to give out more rules for completely controlling the cryptocurrencies and just change the official banks physical appearance and give it a new BLOCK CHAIN technology look. Same system with just a new look.

[efey39]

for the world of cryptographic currencies this is in fact a normal situation. they will do the same in other governments in the coming years. this situation strengthens the crypto money world.

[rudolfaxl]

I think that many countries of the world will follow this path and the crypto currency will be taxed along with other commercial activities. Whether it is true or not is a controversial issue. Many miners are very upset with this news.

[Snarks]

In my opinion taxes on crypto are ridiculous. Governments hate crypto enough spread so much FUD, even pay people to make FUD videos, but they still want to claim taxes. If they think crypto is worthless and the true price is 0 then the taxes should be 0 too.

[w33man]

If they cannot do something about crypto, they will most likely just tax it. That way, they can get some government money from investors or traders income. Most likely this will happen around the world once cryptocurrency is widely adapted. So, we shouldn't be shocked if one day cryptocurrency income will have an income tax.

[Melfoy72]

In my opinion taxes on crypto are ridiculous. Governments hate crypto enough spread so much FUD, even pay people to make FUD videos, but they still want to claim taxes. If they think crypto is worthless and the true price is 0 then the taxes should be 0 too.

They want to bite their own ass.
May be in a few years when they finally understood what  crypto is, they can to do something. But anyway not now... and not in a 1-2 year.

[chenjkai]

Russia is a country that wants to have a lot of money and to make restrictions everywhere it is possible. People that sit on the Russian government do not seem to have an idea of making taxes for cryptocurrency I guess. It seems so weird.

[anobtc]

Transaction between two personal are not violate the law. And i think Government cannot tax cryptocurrencies transactions because it's private transaction. We've paid fee on exchange already, and Government should tax only that Exchanges.

[IrenNTA]

I don't think that Russia in the only country that is eager to tax trading, investing and mining cryptocurrencies, Every greedy county would like to implement new laws to tax the ctypro market, and they are working hard to reach their goals ASAP. So we can expect that there won't be any anonymity in crypto world in future.

[Geleve]

they can not tax cryptocurrency transactions. they can tax only when they cash in to or cash out from exchange platforms. Cryptocurrency transactions are based on blockchain technology and totally decentralized and anonymous. they can not control it.

[liuqi]

Russia plans to tax cryptocurrency transactions in the near future.

The State Duma and the Ministry of Finance are preparing to introduce the legislation according to the publication Kommersant.

Miners will be considered entrepreneurs, and they will have to keep records, and pay taxes/fees. Cryptocurrency transactions themselves will not be taxed unless the transaction "brings the individual financial benefits."

Lawmakers intend to set the tax rate on cryptocurrencies to 13%.

But, according to experts it will not be implemented immediately. For example, taxation does not yet know how it will identify miners and investors of cryptocurrency.

"The FTS simply does not have any experience in this area, nor understanding of how cryptocurrency exchanges operate. In addition, state regulation runs counter to the principles of anonymity and independence regarding the functioning of electronic currency," according to a letter from the Ministry of Finance addressing cryptocurrency dated October 13, 2017.

More info: http://www.innov.ru/news/economy/kommersant-operatsii-s-kr/

Russian government is already announced it will legalised in June month so tax is possible in Cryptocurrency transaction. Because Bitcoin is decentralised cryptocurrency so everyone is invest the bulk of asset so Many countries are looking to legalised in Cryptocurrency then only they fix the taxes in Crypto transaction and it will really helpful to the economic status of the country.

[sylance]

Anyone who thinks governments are just going to sit by and lose control are fooling themselves.  I'm just surprised it's taken this long.  The way I see it, this is going to go one of two ways.

One... governments will go aggressive and attempt to ban crypto or implement huge taxes (Poland) to get their cut and control their citizens.  This will ultimately fail because of privacy coins and decentralization.
Two... governments will become friendly but use their most insidious tool, gradualism.  One tax here, one regulation there, and before you know it they have full control again and people wont even realize it.

That's why it's important for us to stay true to the original values of crypto, decentralization and full 100% control of your own financial wealth.

[Sahyadri]

Russia plans to tax cryptocurrency transactions in the near future.

The State Duma and the Ministry of Finance are preparing to introduce the legislation according to the publication Kommersant.

Miners will be considered entrepreneurs, and they will have to keep records, and pay taxes/fees. Cryptocurrency transactions themselves will not be taxed unless the transaction "brings the individual financial benefits."

Lawmakers intend to set the tax rate on cryptocurrencies to 13%.

But, according to experts it will not be implemented immediately. For example, taxation does not yet know how it will identify miners and investors of cryptocurrency.

"The FTS simply does not have any experience in this area, nor understanding of how cryptocurrency exchanges operate. In addition, state regulation runs counter to the principles of anonymity and independence regarding the functioning of electronic currency," according to a letter from the Ministry of Finance addressing cryptocurrency dated October 13, 2017.

More info: http://www.innov.ru/news/economy/kommersant-operatsii-s-kr/

As long as a country is not banning cryptocurrency, taxes are no issue because the returns that one gets from these coins is so huge that no one minds paying tax at all. I myself dont mind paying taxes as long as my government lets me withdraw my money without imposing any kind of restrictions on me.

[Igorgnome]

Transaction between two personal are not violate the law. And i think Government cannot tax cryptocurrencies transactions because it's private transaction. We've paid fee on exchange already, and Government should tax only that Exchanges.

My government likes to stick its nose in cases that have no idea. This is another nonsense that they came up with just can not be implemented. You correctly noted it.

[btcefeyigit]

The world of crypto-currency units began to appear to be accepted by world governments every passing day. one of them is russia. I think this news is very good if the crypto currencies become legal