Cryptocurrency transactions in the near future will be officially taxed — relevant amendments to legislation already prepared by the state Duma and the Ministry of Finance of the Russian Federation.

The amendments will formally reinforce the position that the sale of cryptocurrencies will be subject to personal income tax at a rate of 13 %. In addition, the innovation will allow to incorporate the cryptocurrency into the bankruptcy estate property of the debtor-bankrupt.

The draft law “On digital of financial assets” will be adopted in the first half of 2018, amendments to the tax legislation before the end of the year.

Experts note that the state regulation goes against the principles of anonymity and independence of operation of the electronic currency. At the same time, thanks to automatic tax information exchange, representatives of the FTS can calculate citizens working with cryptocurrency via foreign accounts. Tax lawyers warn that the risk zone and controlled foreign companies, because the operations with cryptocurrency can be regarded by Russian inspectors, on how to make a profit.

In short, the risk of criminal prosecution for tax evasion under article 198 of the criminal code is, and essential. Therefore, citizens are urged to report to FNS for that income and paying taxes.

Recall that in late January the Finance Ministry published a draft law on the regulation of cryptocurrencies in Russia. The bill says that the activities of miners producing electronic money, is one of the varieties of entrepreneurial activity. This means that the miners must not only open the entrepreneur or the firm, but also timely pay taxes to the budget. The draft omits a mandatory system of taxation, its miners will choose their own.

That to regulate the taxation of transactions with cryptocurrencies in Russia will be prepared a separate bill, the Deputy Minister of Finance Ilya Trunin reported at the end of January. He explained that it’s easier to do after the adoption of the law on digital assets, because “there will be at least some kind of legislative framework”. Thus, the law on the taxation of cryptocurrency transactions, to become law-companion.