The Russian government sees the need to finalize the draft law «On digital of financial assets»

The Bank of Russia is considering the possibility of including unauthorized mining in the number of information security risks for Russian banks, said the head of the Department of security and protection of information (Gubii) of the Central Bank Artem Sychev on the sidelines of the Presidium of the Council of the Association of banks of Russia.

«This can affect stability, and may enter into statements of Fincert as a risk factor», – he stressed.

Work in this direction will begin after defining in law the status of crypto-currencies and mining in Russia, which is included in the draft law «On digital of financial assets».

In turn, the Chairman of the Duma Committee on economic policy Anatoly Aksakov said that in General, the government supported the bill of the Bank of Russia, Finance Ministry, economic development Ministry, the Ministry of communications and the Ministry of justice submitted to the government Commission.

However, it should finalize for the second reading. In particular, the government insists on the introduction of the mandatory control operations to exchange cryptocurrency for Fiat if the amount equals or exceeds 600 thousand rubles or its equivalent in a foreign currency.

Rosfinmonitoring insists that the operators of cryptocurrency exchanges should be included in the organizations referred to in article 5 of the 115-FZ, then they will be required to work in sootvetstvii with «all national anti-money laundering standards».

The same position held FATF (Group of development of financial measures for combating money laundering), the author of the guide to applying a risk-based approach to virtual currencies.

«In the current version of the bill allowed only deals with cryptocurrency, so they may fall under the standard supervision of banks and Rosfinmonitoring, – said the President of the Russian Association of cryptocurrency and blockchain (RAKIB) Yuri Pripachkin. – This approach will make the Russian miners to look to other jurisdictions: they will seek to convert mined crypto-currencies on the foreign currency abroad.»

The government also recommends to pay attention to the fact that in Russia is not regulated the taxation of digital of financial assets and transactions, so it is necessary to introduce relevant amendments to the legislation on taxes and fees. However, the Cabinet did not specify what type of tax should be levied on profit from mining and will you need miners to register SP.

In turn, in the framework of the bill the Ministry of economic development is not clear, how will be the taxation of mining and under what rules of accounting subject deals with digital of financial assets. The Finance Ministry promises to study the issue of amendments to the Tax code.

«To impose a standard 13% rate of personal income tax could be speculators in the cryptocurrency market, buying a currency cheaper and sell it expensive. However, the tax authorities is difficult to administer this rule, – the Professor of the Ranepa Teimuraz Vashakmadze. – Buying and selling cryptocurrency is anonymous, and if the person does not declare that he bought and sold bitcoins, no one will know, so many people the income to voluntarily declare not to be».

In his opinion, it is appropriate to tax each card on the farm for mining.

«The rate should be set after determining the average monthly returns on the mining of all major types of cryptocurrency. The miners in the sale of manufactured cryptocurrency may be exempt from paying personal income tax», – said Vashakmadze.

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