The Russian state tax authorities bitcoin is legal

The Russian state tax authorities bitcoin is legal

Russia’s finance authorities recently issued a formal document, affirming the legal status of encryption currency.



The document pointed out that the law will bitcoin digital currency trading operations and non official as a foreign currency transaction, citizens or enterprises do not need any form of financial reporting.


The Russian block chain community leader and DDT (Deloitte) legal adviser ArtemTolkachev this paper summed up the federal tax bureau’s position:


Russian Federation encryption currency or virtual currency did not make any provision for money substitutes;


Russian citizens and enterprise encryption currency trading activities did not violate any law;


Encryption currency transactions may be used as money laundering and the financing of terrorism and other evidence;


The use of foreign currency and local currency or securities trading of encryption currency acts belong to foreign currency transactions;


The monetary system in the existing Russian residents and non residents reported to the authorities without encryption currency trading.


Tolkachev this document expressed their views:


The most important point is that Russia will not be banned encryption currency trading. The draft of the Ministry of Finance issued before the ban has been grounded, they may have to re enact the rules.


In August this year, the Russian Federation tax bureau had told the media explained the legal status of bitcoin. The tax bureau will be defined as foreign currency bitcoin. If citizens with foreign bank accounts bitcoin transactions, then they need to do the corresponding to the tax authorities. However, in addition to bitcoin, the statement did not involve other encryption currency circulation in the country.

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