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Russia Bitcoin recognized by tax authorities

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Russia Bitcoin recognized by tax authorities

The uncertainties about the relationship Russia Bitcoin were finally disappeared.

In an official document published a few days ago on November 29th Russia’s federal tax service expressed its new position regarding the legality of Bitcoin use and transactions.

In fact, the document finally explained that there is no legal prohibition of digital currencies in Russia.

Russia Bitcoin and uncertainty

For almost three years it was not clear if the Russian authorities  wanted to ban or accept Bitcoin and introduce several penalties.

Somewhere during this period, the Russian ministry of finance commented about the possibility of a four years imprisonment introduction for people involved in the Bitcoin use.

Also, even bank officials sentenced to seven years in prison and banned from holding certain positions.

However, Russian authorities changed their idea and gave the ministry of finance a new directive to write a law on Bitcoin.

For Russia Bitcoin is a foreign currency

The federal tax service’s document affirms the legality of Bitcoin and indicates that all trading operations related to Bitcoin and any other digital currency are to be considered as foreign and external securities.

In fact, this document essentially defines the buying and selling of Bitcoin and other cryptocurrencies a monetary transaction.

Bitcoin for Money laundering and terrorism

However, the document also explained that Russian authorities will investigate about people who use Bitcoin for money laundering and terrorism.

Even if this calls for KYC and AML from exchanges is yet to be clarified by the Russian government as there are more interpretations that are yet to be communicated.

Source: Coindesk.com

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Amelia Tomasicchio
Amelia Tomasicchio

Amelia Tomasicchio is a content writer and marketer of Bitcoin-related news and fintech startups. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.

3 thoughts on “Russia Bitcoin recognized by tax authorities

Nathan BasanesePosted on  10:34 am - Dec 17, 2016

// , Excellent! I’m glad some of these countries have started to take positions that do not contradict their interests.

Countries like Russia, especially, will benefit from Cryptocurrency and other forms of distributed communication infrastructure, I think.

Russian Blockchain to improve national payments – HolyTransaction's blogPosted on  9:46 pm - Jan 9, 2017

[…] Russia seems to love the Blockchain very much. In fact, the national tax authority recognized Bitcoin as a foreign money, expressing the legality of Bitcoin use and […]

RoxyPosted on  7:28 am - Jul 21, 2017

Worth Information. Hope all top crypto currency should be legalized across countries not only in Russisa as it’s the future of Money we deal today.

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