The draft law on taxation of transactions with digital assets introduced to the State Duma will not affect the owners of cryptocurrencies. Andrey Tugarin, managing partner of GMT Legal, told Cryplogger about this.
According to him, the document covers only the market for digital financial assets (DFA, security tokens) and utility digital rights (utility tokens), while not mentioning digital currencies (cryptocurrencies as such).
The lawyer noted that legislators have prescribed a mechanism for taxing CFA by analogy with the securities market.
“Given the legal nature and economic meaning of the DFA (in fact, these are securities on the blockchain), such an approach seems reasonable,” Tugarin said.
The analogy with the taxation of the securities market is confirmed, among other things, by the emergence of the obligations of a tax agent for issuers and exchangers, as well as other organizations that pay income to the taxpayer on operations related to the CFA.
“This is very similar to assigning the duties of a tax agent to brokers in transactions with securities in the stock market,” the lawyer explained.
The draft law provides for the possibility of hedging risks with the help of CFA and a special taxation procedure for such transactions. Andrey Tugarin believes that such an approach will have a positive effect on the development of the market when the first digital financial markets are released.
Taxation of transactions with cryptocurrencies will be prescribed separately. The expert believes that this particular document should have the highest priority. While the turnover of the CFA in the Russian Federation is still zero, according to Prime Minister Mikhail Mishustin, “the amount of funds in the crypto wallets of Russians exceeds tens of trillions of rubles.”
Earlier, Cryplogger reported that the Ministry of Finance made changes to the terminology of the bill “On Digital Currency”.
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The draft law on taxation of transactions with digital assets introduced to the State Duma will not affect the owners of cryptocurrencies. Andrey Tugarin, managing partner of GMT Legal, told Cryplogger about this.
According to him, the document covers only the market for digital financial assets (DFA, security tokens) and utility digital rights (utility tokens), while not mentioning digital currencies (cryptocurrencies as such).
The lawyer noted that legislators have prescribed a mechanism for taxing CFA by analogy with the securities market.
“Given the legal nature and economic meaning of the DFA (in fact, these are securities on the blockchain), such an approach seems reasonable,” Tugarin said.
The analogy with the taxation of the securities market is confirmed, among other things, by the emergence of the obligations of a tax agent for issuers and exchangers, as well as other organizations that pay income to the taxpayer on operations related to the CFA.
“This is very similar to assigning the duties of a tax agent to brokers in transactions with securities in the stock market,” the lawyer explained.
The draft law provides for the possibility of hedging risks with the help of CFA and a special taxation procedure for such transactions. Andrey Tugarin believes that such an approach will have a positive effect on the development of the market when the first digital financial markets are released.
Taxation of transactions with cryptocurrencies will be prescribed separately. The expert believes that this particular document should have the highest priority. While the turnover of the CFA in the Russian Federation is still zero, according to Prime Minister Mikhail Mishustin, “the amount of funds in the crypto wallets of Russians exceeds tens of trillions of rubles.”
Earlier, Cryplogger reported that the Ministry of Finance made changes to the terminology of the bill “On Digital Currency”.
Subscribe to Cryplogger news in Telegram: Cryplogger Feed – the entire news feed, Cryplogger — the most important news, infographics and opinions.
Found a mistake in the text? Select it and press CTRL+ENTER
