We present you an expert review of legislation in the field of mining, Digital financial assets and crypto projects and offer a solution from Acsour.
Currently, the use of cryptocurrencies in Russia is regulated by Federal Law No. 259-FZ dated July 31, 2020 on digital financial assets, however, in August the President of the Russian Federation signed a law on the legalization of mining, and the St. Petersburg Stock Exchange and the Moscow Exchange are included in the register of digital financial asset exchange operators. Significant changes in legislation create both challenges and significant risks.
At the moment, business representatives are already using digital currencies for the following purposes:
However, it is worth noting the lack of established legal practice: experts note that at the moment the regulatory framework and legal framework for the sphere of cryptocurrency turnover have not been formed. However, the use of digital assets is already available to individuals and legal entities. To what extent this activity complies with the current legislation is an important issue that requires analysis in each specific case.
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 transactions with cryptocurrencies is taken into account in the income tax base, personal income tax, and transactions for the purchase and sale of cryptocurrencies are subject to VAT. For non-payment of these taxes, not only fines are provided, 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 specialized lawyer or accountant. The specialist will immediately find the pitfalls and reliably guide you through all stages of the project.
We are glad to make you an offer for the service of legal support for mining, digital financial assets and crypto projects.
Acsour Specialists:
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 dated July 31, 2020 on digital financial assets, however, in August the President of the Russian Federation signed a law on the legalization of mining, and the St. Petersburg Stock Exchange and the Moscow Exchange are included in the register of digital financial asset exchange operators. Significant changes in legislation create both challenges and significant risks.
At the moment, business representatives are already using digital currencies for the following purposes:
- payment for goods, services and financial products
- cooperation with foreign contractors and freelancers
- receiving revenue on favorable terms
However, it is worth noting the lack of established legal practice: experts note that at the moment the regulatory framework and legal framework for the sphere of cryptocurrency turnover have not been formed. However, the use of digital assets is already available to individuals and legal entities. To what extent this activity complies with the current legislation is an important issue that requires analysis in each specific case.
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 transactions with cryptocurrencies is taken into account in the income tax base, personal income tax, and transactions for the purchase and sale of cryptocurrencies are subject to VAT. For non-payment of these taxes, not only fines are provided, 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 specialized lawyer or accountant. The specialist will immediately find the pitfalls and reliably guide you through all stages of the project.
We are glad to make you an offer for the service of legal support for mining, digital financial assets and crypto projects.
Acsour Specialists:
- Provide legal support for the issuance of digital financial assets, mining and foreign trade settlements in cryptocurrencies in Russia;
- conduct an assessment of tax risks during the implementation of the ICO project;
- help with registration and licensing of activities.
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.
