August 4, 2020

The Association of Banks of Russia has found a way to legalize cryptocurrencies

The Association of Banks of Russia has found a way to legalize cryptocurrencies

The Association of Banks of Russia has put forward a proposal that will allow to impose transactions with cryptocurrencies taxed and at the same time avoid recognizing themmeans of payment. Mining of digital assets is proposed to be equated to the finding of money and allowed to exchange cryptocurrencies for rubles. This is written by Izvestia.

In Russia, the question of the legal nature of digital assets is still controversial, despite the fact that cryptocurrencies have existed for a long time.

“Austrian law presumesthat a person who acquires virtual assets as a result of mining occupies them, that is, captures them, becoming their first legal owner. This approach has a completely rational legal meaning, ”the document says.

Alternatively, cryptocurrencies could be considered"Treasure", as the miner "finds" them in the "anonymous system", they add to ADB. However, in the context of cryptocurrencies, it is appropriate to use the concept of “newly created” property, which includes, for example, products that are the result of human activity.

“There will be reasons to consider cryptocurrency a thing -adjusted for its digital nature. Then it can be used in barter transactions, taxed, as provided for in the relevant section of the Tax Code, ”said Anatoly Kozlachkov, ADB Vice President.

According to him, in that case it will succeedat the same time, avoid recognition of these assets as a means of payment and a monetary substitute. ADB also proposes to oblige citizens to declare the purchase of virtual money. The corporate income tax rate in 2019 for legal entities is set at 20%. Of these, 3% go to the federal budget, and 17% to the regional.

This is a fair approach, said KPMG partnerAndrey Ermolaev. According to him, cryptocurrencies cannot be equated with ordinary money - this is an investment, and the growth in the cost of paper is always considered as a taxable base. The discussion of the document at the association ’site will be held on October 8.

Recall earlier, ADB has already put forward a number ofproposals aimed at streamlining the circulation of cryptocurrencies in Russia. So, according to representatives of the organization, digital assets should be available for recovery in the framework of enforcement proceedings, bankruptcy or taxation. The identification of the owner of such assets will have to be through the courts. After the court ruling, the owner of the assets will have to provide the keys to the respective wallets, and criminal liability must be introduced for concealing virtual property and refusing to transfer the keys.

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