Russia’s Tax Service Confirms Bitcoin Legal Status as Foreign Currency
A document issued by the Russian Federal Tax Service finally presents the first official position on the status of Bitcoin and cryptocurrencies in Russia, equating them to foreign currency. ‘No Specific Legislation’ Banning Bitcoin in Russia. The formal letter, dated 3 October 2016, states that for legal purposes, cryptocurrencies should be treated as any other foreign currency. These require no financial reporting of transactions. The legal consultant for Deloitte and head of the Russian blockchain community, Artem Tolkachev summarized the document: The concepts of surrogate money,....
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As a result of this official document, there is no legal prohibition related to Bitcoin or other cryptocurrencies in Russia. The Bitcoin situation in Russia has taken yet another dramatic turn. But contrary to what most people may expect, this is some positive news for a change. A new document has been released by the government which goes to show Bitcoin is, in fact, legal in the country. Although this change had been rumored for quite some time, the document makes it all official. This particular document is living proof cryptocurrencies are considered legal in Russia. Or to be more....
Russia’s Federal Tax Service proposed a change to the “On Digital Currency” legislation allowing entities to accept bitcoin as payment in foreign trade.
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....
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....
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....