Russian Tax Office Updates Legal Stance On Bitcoin
A Russian Federal Tax Service Letter released a few weeks ago spelled out issues – including an implied statement that cryptocurrencies are not illegal – amongst others that affect the legal status of cryptocurrencies moving forward. Russian Blockchain Conference Sparks Federal Tax Service Letter Concerning Virtual Currencies. The legal implications of....
Related News
The Russian Ministry of Finance is taking a hard stance against Russian adopters of bitcoin and cryptocurrencies, with a proposal that -while not yet legal or enforced-aims to punish users engaging in Bitcoin trading with a prison sentence of up to 4 years. While most governing bodies around the world looks to adopt bitcoin or block chain technology or look for ways to regulate the cryptocurrency, Russia is unrelenting in its stance toward what it sees as the "trafficking" of Bitcoin. The Russian Ministry of Finance that had previously supported fines of up to 500,000 rubles or a 2-year....
The Prosecutor General’s Office of the Russian Federation has insisted that the term “cryptocurrency” should be added to the country’s legislation. The move would allow authorities in Moscow to confiscate digital assets that have been involved in criminal activities.
Russian Prosecutor General’s Office Prepares Amendments Allowing Seizure of Cryptocurrency
With cryptocurrencies being only partially regulated through the law “On Digital Financial Assets,” work is underway in Russia to adopt legislation introducing comprehensive....
A document by the federal tax authority in Russia has revealed its first official stance on the legal status of cryptocurrencies and it makes for good reading for adopters of bitcoin and other digital countries in the Russian federation. Bitcoin cannot be blocked or banned as they can be deemed foreign currency transactions according to Russian laws. First reported by regional publication Coinfox, the document deems trading of bitcoin and other digital currencies as foreign currency transactions according to Russian law. The notable parallel means that bitcoin transactions do not require....
BTC-e, one of the largest bitcoin exchanges on the market, was rocked following an announcement published on the website of the Prosecutor's Office of the Volgograd region on Monday. The statement claimed BTC-e was "under investigation" by the office and it quickly generated plenty of fear, uncertainty and doubt (FUD). However, it now seems fear mongering was the sole goal of the statement, which was apparently fake. The prosecutor's office has issued another statement, saying its website had been hacked and the initial announcement was posted by hackers. Very good timing. This is not the....
In the end, this is still positive news coming out of Russia. An official acknowledgment of discussions taking place is better than nothing. A few days ago, news broke of Russia slowly taking a more positive stance toward bitcoin. It even seems bitcoin may gain legal status in the country. However, one of Russia’s central bankers is not convinced the outcome will be so positive. Legal recognition of cryptocurrency is not guaranteed, nor should anyone think otherwise. Cryptocurrency enthusiasts are well aware Russia will not embrace bitcoin all of a sudden. It is good to see the central....