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Russian Federal Tax Service sees first crypto declaration

15 June 2018 00:00, UTC   |    3142
Russian Federal Tax Service sees first crypto declaration

The news on the Russian state portal dedicated to taxation tell about the first ever cryptocurrency trading proceeds declaration. An unspecified resident of the Republic of Altai has filed an individual income tax form in which some digital currency trading activities were specified for the first time in Russian history.

The Federal Tax Service also reminds about its position on the matter: cryptocurrency or virtual currency is unregulated money issued and controlled by the developers of the said money, while being used and accepted by members of a certain virtual community. A standard income tax is applied, the exact sum lies within the responsibility of the citizens.

The comprehension of digital currency by the Russian authorities bears stark contrast to what observers could see last year. The Central Bank managers compared Bitcoin to a Ponzi scheme and even vowed to block related websites - fortunately, the case of one of such platforms have been closed in favor of the defendant this year.

In the neighbouring countries, cryptocurrency is either viewed as a means of additional state revenue (with Belarus being the prime example) or as a toxic financial tool (Kazakhstan authorities stick with this approach despite all complaints from the local business).

Image: Zach Copley / Flickr



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