We present you an overview of the current situation in the field of taxation of digital financial and cryptocurrency in Russia and offer you an expert solution from Acsour.
Currently, the use of cryptocurrencies in Russia is regulated by Federal Law No. 259-FZ of July 31, 2020 on digital financial assets, as well as the law on the legalization of mining. Significant changes in the legal framework for mining, digital financial assets and cryptocurrencies have also led to the creation of a register of digital financial asset exchange operators, which includes the St. Petersburg Stock Exchange and the Moscow Stock Exchange.
Moreover, on September 1, 2024, foreign trade settlements in cryptocurrency were legalized in Russia: currently, companies can use digital currency as a means of payment when conducting foreign economic activity. The law that has entered into force allows for cross-border settlements and exchange trading using cryptocurrencies, which arouses active interest from legal entities and individuals.
Significant changes in legislation both expand the horizons of business development and create significant risks: experts note that at the moment the regulatory framework and legal framework for the turnover of cryptocurrencies have not been formed.
For example, experts already attribute significant fines and the risk of criminal liability to the main consequences of incorrect management of crypto accounts and work with digital financial assets: income from operations with cryptocurrencies is taken into account in the income tax base, the simplified taxation system and personal income tax, and transactions for the purchase and sale of cryptocurrencies are subject to VAT. Not only fines are provided for non-payment of these taxes, but also criminal penalties for concealing large amounts.
The rapid development of cryptocurrency turnover opens up many business opportunities, from making payments to attracting investments. However, before using such tools, we recommend that you get the advice of a professional lawyer and accountant. Our specialists will immediately find the pitfalls and guide you through all the stages of the project.
We are pleased to make you an offer for legal services to support foreign trade settlements in cryptocurrency, as well as tax accounting and reporting.
Acsour specialists will provide:
To support customers and partners, Acsour is constantly looking for solutions to optimize processes. We are glad to make suggestions that will help you focus on your business.
Currently, the use of cryptocurrencies in Russia is regulated by Federal Law No. 259-FZ of July 31, 2020 on digital financial assets, as well as the law on the legalization of mining. Significant changes in the legal framework for mining, digital financial assets and cryptocurrencies have also led to the creation of a register of digital financial asset exchange operators, which includes the St. Petersburg Stock Exchange and the Moscow Stock Exchange.
Moreover, on September 1, 2024, foreign trade settlements in cryptocurrency were legalized in Russia: currently, companies can use digital currency as a means of payment when conducting foreign economic activity. The law that has entered into force allows for cross-border settlements and exchange trading using cryptocurrencies, which arouses active interest from legal entities and individuals.
Significant changes in legislation both expand the horizons of business development and create significant risks: experts note that at the moment the regulatory framework and legal framework for the turnover of cryptocurrencies have not been formed.
For example, experts already attribute significant fines and the risk of criminal liability to the main consequences of incorrect management of crypto accounts and work with digital financial assets: income from operations with cryptocurrencies is taken into account in the income tax base, the simplified taxation system and personal income tax, and transactions for the purchase and sale of cryptocurrencies are subject to VAT. Not only fines are provided for non-payment of these taxes, but also criminal penalties for concealing large amounts.
The rapid development of cryptocurrency turnover opens up many business opportunities, from making payments to attracting investments. However, before using such tools, we recommend that you get the advice of a professional lawyer and accountant. Our specialists will immediately find the pitfalls and guide you through all the stages of the project.
We are pleased to make you an offer for legal services to support foreign trade settlements in cryptocurrency, as well as tax accounting and reporting.
Acsour specialists will provide:
- Easy and secure integration of cryptocurrencies into your international activities
- Compliance with all regulatory requirements
- Minimizing risks and applying the benefits of the new legislation
- Effective tax accounting, taking into account all relevant legislation
- Preparation of reports, in particular declarations on VAT, income tax, personal income tax, etc.
To support customers and partners, Acsour is constantly looking for solutions to optimize processes. We are glad to make suggestions that will help you focus on your business.
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