October 29, 2020

The tax authorities requested the data of the clients of the exchanges. When will it be possible in the Russian Federation

New Zealand Government Requires Cryptocurrency Companies to Know Assets users. The lawyers told why the Russian authorities do not yet have such powers, and what bitcoin holders should prepare for.

The New Zealand IRS requestedcompanies working with cryptocurrency, data about their clients, including the number of assets and their total value. The department explained that this information will help to understand how to properly regulate the digital money sphere for tax purposes, reports Radio New Zealand.

“We are requesting this information to improveour understanding of the cryptocurrency industry in New Zealand and figure out how best to help taxpayers meet their tax obligations, ”the department explained.

So that the tax authorities of Russia can requestsuch data from exchanges, it is necessary that their activities be in the legal field, explained Antonina Levashenko, a member of the Commission on the Legal Support of the Digital Economy of the Moscow Branch of the Russian Lawyers Association, head of the Russian Center for Competence and Analysis of OECD Standards RANEPA under the President of the Russian Federation. Today in the Russian Federation the activities of the leading crypto-exchanges that trade cryptocurrencies are not regulated. But if this changes, the FTS will be able to work with trading platforms by analogy with electronic money operators, who are obliged to transfer information about e-wallets to the department.

Levashenko noted that this practice is already actively used in other countries. For example, the IRS requests information from the major exchange Coinbase about customers' crypto accounts.

Senior Tax Lawyer, Bryan CaveLeighton Paisner (Russia) LLP, lecturer at Moscow Digital School Dmitry Kirillov added that currently, special requirements for the provision of information about customers, their operations and balances on their accounts are set only for banks. But the latest package of bills of the Ministry of Finance regarding the turnover of cryptocurrencies is proposed to include in the code a separate article with similar obligations for crypto exchanges, crypto exchangers, investment platform operators and other services working with digital assets.

There are now general rules for claimingthe tax authorities provide information about the taxpayer from third parties, Kirillov said. If the tax authority checks the client of the exchange, he has the right to demand from that information about the client's transactions. The company is obliged to submit data within five days. If the data is requested outside the scope of the audit, the period is increased to ten days, and the tax authority must have a reasonable need to request such information. Refusal to provide it entails a fine of 10 thousand rubles.

Development Director of EXMO Exchange Maria Stankevichsaid that if the FTS requests such information about customers, the exchange is not obliged to provide them. This is a British marketplace, due to local law, it must not disclose any information about its users to the tax authorities of other countries.

“But if the tax authorities of the Russian Federation applied to usprecisely in order to understand how the taxation system for crypto-revenues is arranged in other countries, and there are such, we would be happy to discuss this and help structure the best practices in the best way, ”added Stankevich.

September 24, the head of the State Duma Committee on Financialto the market Anatoly Aksakov said that he does not support the idea of ​​legalizing cryptocurrency. This can stimulate the flow of money for illegal transactions. It is better to restrict everything related to bitcoin and other coins, since this is hardly possible to regulate, the deputy stressed.