In the last year, the cryptocurrency market has experienced a sharp rise. Its capitalization exceeded $ 1 trillion for the first time, and many coins, including Bitcoin and Ethereum, have updated their historical highs in value. Now some of the users from Russia are faced with the problem of withdrawing profits earned from digital money. Despite the fact that the law “On digital financial assets” came into force in the country on January 1, it does not provide answers to all questions, writes RBC Crypto.
The experts told how cryptocurrency users should act in order to act legally.
The question of taxes and banks
Until January 2021, there was no legal regime for digital currency in Russia, officially established at the legislative level. In judicial practice, there have been cases when the cost of a cryptocurrency was calculated at the price of a flash drive on which it was recorded, said Angelica Matushkina, an expert at the Moscow Digital School.
She explained that when using the profit from transactions with cryptocurrencies, traders should pay attention to two points: taxes and banks. The tax issue is resolved as follows:
If there are documents confirming the costs of purchasing coins, then payments can be calculated as income minus expenses. If there are no such documents, then the tax must be paid on the entire amount of income. In this case, from physical. persons, the tax amount will be 13%, and it is indicated in the 3-NDFL declaration, which is submitted before April 30 of this year. If you go through the activities of an individual entrepreneur, then you will have to pay only 6%.
The expert advised to solve the issue with the banks in a preliminary meeting with the manager and discussing all the requirements for documents confirming the income from the cryptocurrency. Otherwise, you may run into problems from Rosfinmonitoring and the bank’s compliance.
New risks
The law “On CFA” recognizes cryptocurrency as property, which makes it possible to obtain judicial protection. However, the new document provides for the deprivation of this right in case of non-declaration of their digital money. At the same time, there are no specific rules and recommendations at the moment, emphasized Maria Agranovskaya, lawyer and managing partner of Grad.
In this regard, numerous risks arise, for example, does the Tax Documents submitted by the taxpayer recognize his calculations of the rate of cryptocurrencies? What to do if there are no primary documents with seals? The costs of acquiring mining equipment and the legality of generating cryptocurrencies are also illegal.
There are no special permissions for crypto trading. According to Agranovskaya, this is both a minus (one cannot be sure of 100% stable recognition of an activity) and a plus (easier for small traders).
“In this sense, the law has become a disappointment. It was intended to unite the conceptual apparatus in relation to digital assets, provide a basis for the legal activities of all market participants, put in order the disparate practice for courts and allow banks to work with crypto projects, ”the lawyer said.
Judicial protection
Traders often face problems when working on crypto exchanges. For example, a trading platform may unreasonably suspend trading, due to a technical failure, users may receive less profit or incur losses, fraudulent exchanges steal client funds.
In order to address these and other issues, the National Union of Private Traders and Investors in Financial Markets was created, it is officially registered by the Ministry of Justice, said Alexander Zhuravlev, co-founder of the union and chairman of the Commission for Legal Support of the Digital Economy of the Moscow branch of the Russian Association of Lawyers. The Union assists traders and investors in obtaining legal protection in case of violation of their rights by brokers, stock exchanges and other players in financial markets.
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