Taxes on crypto are always the subject of heated debate in the cryptocurrency community. Although cryptocurrency is at the center of a bear market today, its capitalization reaches $100 billion. That’s why it is not surprising that authorities are trying to control and tax crypto assets.
Nowadays, the taxing of cryptocurrency is officially regulated only in 25% of countries. In the Russian Federation, digital coins are neither legalized nor prohibited. Nevertheless, the taxes on cryptocurrency 2020 exist and should be paid.
Today, there is no specific legal regulation on cryptocurrency, mining, and taxing digital coins in Russia. However, more and more steps are taken to legalize them every year, and it seems new laws to control virtual assets will appear soon.
The legal status of the cryptographic currency is unclear. Also, there is no universal procedure to pay taxes for foreign exchange payment transactions nowadays.
It is important to remember that investors should estimate the rate of tax payments on their own when they make transactions with digital coins. They also should include this information to their tax forms while reporting to tax authorities.
Inspectorate of Federal Tax Service confirmed that payments made by using of digital money are considered as a transfer of assets. This means you should pay tax fees if you are using crypto.
Many miners want to know how to pay taxes on cryptocurrency these days. Generally, you can do it in many ways, but the following approaches are most common:
Although there are no clear legal regulations on cryptocurrency in the Russian Federation, virtual coin holders are advised to contact their local tax officials to discuss mandatory payments.
The legal status of cryptocurrency in the Russian Federation has not been defined by now. However, if you want to protect yourself from all potential problems with taxes while using crypto, you should bear in time a few important tips:
Although digital currency is in the "gray" zone nowadays, authorities are working hard to create and implement new rules to regulate this sphere. This means that the residents of Russia will be aware of taxes on crypto and sanctions for tax evasion in the near future.