May 25, 2022

Crypto assets of the majority of Russians will remain in the shadows due to the low limit of legal investments

Crypto assets of the majority of Russians will remain in the shadows due to the low limit of legal investments

EXANTE Analyst Viktor Argonov:

The Ministry of Finance wants to make the tax regime for cryptocurrencies comfortable so that investors come out of the shadows. But the main obstacle may not be taxes at all ...

The other day, a representative of the Russian Ministry of Finance, AlexeiMoiseev announced new proposals for the regulation of digital currencies. He proposed to take from legal entities a tax on the increase in the value of assets (when assets rise in price), freeing them from other taxes. From individuals, they plan to charge personal income tax of 13% on the difference between the purchase and sale of cryptocurrencies for ordinary money, if the investor was in the black at the end.

Moiseev noted that taxes are not worth muchtighten the screws, otherwise the “cryptocurrencies” will remain in the shadows and will not want to be legalized. Such an intention could only be applauded, if not for one additional proposal that could ruin everything.

This is already a tired idea to divide everyoneinvestors into qualified and unqualified. Moreover, it is very tough: “it will not be enough just to have 6 million rubles in the account.” It seems that the coveted title of "kvala" will go to a few. Whereas investments "nekvala" are limited to 50 thousand rubles.

Issues of proposed boundaries

Investors want to be divided into those who caninvest only 50 thousand - and those who have much more than 6 million on their account. What should those who want to invest 100 thousand or 1 million do? These are quite adequate amounts of bank deposits of middle-income Russians, but for cryptocurrencies they are declared unacceptably large. An even stranger situation is obtained for those who do not meet the qualification requirements, but already own digital currencies in excess of 50 thousand dollars.

What will happen if "thrown nequals"want to legalize by registering a wallet with a bank? It is possible that they will be required to sell at current rates all the surplus. But without qualifications, they should not, in theory, have the right to perform such operations. Consequently, such an investment threshold will outlaw the overwhelming majority of medium-sized investors whose investments exceed 50 thousand rubles.

The result of the division of investors by a meagerThe fifty-thousandth cut-off can be a general registration of only this amount. At the same time, the rest of the crypto assets will continue to remain in the shadows. Although in reality, it is very likely that many investors will prefer not to shine at all.