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Cryptocurrency regulation in Russia
In September 2018, the law on regulation of cryptocurrency turnover in the Russian Federation will be issued. Exemplary conceived the introduction in the power of the RF law on the regulation of cryptocurrencies – September 2018. The transition period is 90 days. This information is listed on the Federal Russian online portal of plans of normative legal acts. 10 working days of the working group were allocated for the public consideration of the bill, it will end on February 12, it is told on the same reliable online source of the Russian Federation. The Ministry of Finance planned and began to develop the plan of the law “on digital monetary assets” on January 25, 2018. Not paying attention to the fact that it was carefully developed by the working group, in the Commonwealth and the constant control between the Ministry of Finance and the Central Bank of the Russian Federation, in the final communication, they said more closely about the uncoordinated issue of the probability of the exchange of cryptocurrencies for rubles or another currency in the Boris Titov, who is directly responsible for the protection of the rights of merchants under the President of the Russian Federation, said that the plan of the Ministry of Finance implies a rather demanding and tough version of cryptocurrency regulation in the Russian Federation. Which will make today not all inhabitants of the Russian Federation happy because it is developed more for the purpose to collect taxes, than to protect interests of ordinary inhabitants of the country. He also has the opportunity to bring a sufficiently large number of tasks in the domestic policy of the Russian Federation to conclude of which will take a great amount of time. Many people will be unhappy, the number of open transactions with cryptocurrency will decrease, which will lead to complete secrecy of cryptocurrency in the Russian Federation.
The essence of the law on regulation of digital monetary assets in 2018. As it is pronounced on the reliable state portal of the Ministry of Finance of the Russian Federation the summary of intentions on implementation of regulation in the legislative plan: “Identifying the status of representative digital computer technology of the Russian Federation used in the economic sphere of people's jobs and their future judgments on the basis of binding of the ruble as the single legitimate method of payment in the Russian Federation and settlement of the most often produced of issues related to trafficking in digital a monetary asset and public attraction of currency funds by the method of placement of the crypto token (ICO) by analogy with the adjustment of the initial placement of securities in the Russian Federation."
We note in fact that in terms of the law there are practically no recognized measures of taxation of transactions with cryptocurrencies. What will carry for a while is actually the fact that a free type of life will be left for miners and investors of crypto-currency exchanges of the Russian Federation. Yet it does not face such a big problem as the taxation of crypto-currency exchanges and exchanges,which is considered to be a priority for the intensive development of crypto-currency in the Russian Federation.Any resident of the Russian Federation on the present day has the opportunity to say literally that some laws are being adopted, but the most clear changes in General they do not bear for residents of the Russian Federation associated with cryptocurrency regulation, Deputy Minister of Finance of the Russian Federation Ilya Trunin previously explained to journalists, in fact, it will be determined by a separate law-a satellite that will certainly soon be released in the near future. The chamber of Commerce and industry of the Russian Federation also supported the introduction of a patent form of taxation of production of electronic digital assets. And RAKIB referred to is a short introduction of the tax on mining “inconsistent with a healthy sense of mining as a whole.” Due to the fact that the real earnings from mining can not be practically counted because of the difference in the exchange rates of cryptocurrencies of constant jumps and falls in tariffs for cryptocurrencies,and also because of the increasing difficulties and reducing the rewards of the cryptocurrency produced by the Russians. Almost all residents of the Russian Federation are waiting for a healthy and thoughtful on all sides of the law which will combine the interests of both the country and the people who make these transactions with the cryptocurrency such as: purchase,resale, replacement, gift, mining.
