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ANO «Digital Research Center «DIGITAL CONTROL»

“Digital Inspect” works in the field of the latest Blockchain technologies, artificial intelligence and large computing power in the IT field. Modern equipment, the latest approach to data processing and, of course, high-level specialists  allow you to carry out any tasks and provide assistance to a wide range of people with completely different issues, scales and budgets.To realize the potential of the applied companies and individuals at the highest possible level, we use all our knowledge and data, while being guided by the regulations and laws of the jurisdictions where the actual activity is carried out.Legal gaps or uncertainties often confound many companies on how to conduct their business. A wide range of services of our organization allows you to solve all problems in a comprehensive manner.The activities of the ANO «Digital Research Center «Digital Inspect» are aimed at comprehensively contributing to the resolution of problems and difficulties in the niche of digital financial instruments.

Question answer

Crypto or cryptocurrency is a digital currency that does not use banking organizations to verify transactions. In fact, this is electronic money that does not have a physical form; it exists exclusively in the digital space in the data format. The main unit of measurement for cryptocurrency is considered to be «coins». At the heart of any cryptocurrency there is a complex cryptographic algorithm, and the principle of operation of electronic finance is built on an open information transfer protocol. Absolutely all processes, including the issuance of new coins or transaction processing, are carried out by the network participants together. Due to decentralization (storing data on many different devices), banking organizations cannot manage the crypto. The information is safe because it cannot be taken over by intruders for profit. In the Russian Federation, using the crypto, it is possible to perform the following transactions: store on the exchange or in a digital wallet, transfer to third parties, give, bequeath, and exchange for fiat money. All known coins (Bitcoin, Ethereum and others), according to the legislation of Russia, fall under the definition of a digital currency.
On the first day of this year, a bill prohibiting the payment of goods and services provided in Russia with cryptocurrency came into force. Advertising for making payments was also banned (that is, if a person publishes an ad that sells a car for crypto – it is illegal). In addition, the crypto has received its own definition. Without going into details, then now it is a digital code used as an investment, the accumulation of finance. However, in Russia, it is prohibited to use it as a means of payment for any product or service. From the point of view of the tax service – this is property that can be given, bequeathed, sold/bought. If a person is the owner of any amount in digital currency, he will need to file a declaration to the tax office. This document is supposed to display the very fact of owning a crypto and all transactions carried out with it. Also, companies are allowed by law to issue their own coins. So, citizens of the Russian Federation can make a purchase or sale of digital money, carry out any other actions with it. But you cannot pay with cryptocurrency for the goods or services you receive. Also, at the level of legislation, it is supposed to regulate mining, organize the issuance of digital money, their turnover and taxation in Russia.
In accordance with the law, which entered into force at the beginning of 2021, the circulation of digital currency in Russia is officially allowed. However, electronic payments cannot be made for goods and services. And what can you do? Cryptocurrency is a property, which means it can be recovered if the owner of digital finance has declared himself/herself bankrupt or is involved in corrupt transactions, money laundering. In addition, digital currency is allowed to be inherited, bequeathed, given, sold and bought. Many citizens of the Russian Federation actively use crypt as collateral. Cryptocurrency is an investment, and legal one. Investing in coins is available to both individuals and legal entities. But the purchase of cryptocurrency issued outside the law of the Russian Federation is available only on foreign trading platforms. And, of course, mining. The legislation of the Russian Federation does not prohibit the mining of cryptocurrency. The law does not even have such a definition yet. Mining is spoken about in the context of issuing digital money. In the future, of course, the law will be amended, but it is unlikely that they will prohibit mining for cryptocurrency. Most likely, miners will not be able to take cryptocurrency as a reward in the future. According to forecasts, they will have to immediately exchange the mined coins for fiat money.
Digital money holders will be forced to pay taxes. If violators choose not to provide information about their electronic currency, they will be obliged to pay a fine in the amount of 10% of the amount hidden from the state tax authority. In the second half of February 2021, the State Duma of Russia adopted a bill on taxing transactions with cryptocurrency. This law amends the Tax Code. It requires both individuals and legal entities to submit reports to the tax service regarding the fact of possession of electronic finance and to pay taxes when transactions for 600,000 rubles or more were made during the year. Profits from cryptocurrency transactions will be subject to personal income tax or income tax. In addition to a fine of 10% of the amount concealed from the state authorities in cryptocurrency, the legislation proposes to recover 50,000 rubles from individuals and legal entities that did not provide the required information on obtaining the right to dispose of electronic assets in a timely manner.
In 2021, individuals must declare profits from the sale of digital money. To do this, it was necessary to submit a declaration for the previous year by the end of April. This was required to be done either in the personal account of the website of the Federal Tax Service, or by submitting documents (personally or by mail) to the appropriate authority at the place of registration.  Due to the fact that in accordance with the current draft law, the crypt is equated with property, the profit from its sale is subject to personal income tax. The tax rate is 13%, but if the income is more than 5 million rubles, the rate is 15%. If the tax is not paid, then the law provides for sanctions. In the event that taxation is not paid intentionally, the amount of liability is 40% of the total amount of unpaid tax. When the illegal act is unintentional – 20%. In addition to the total amount of the fine, the taxpayer is also required to pay the amount of tax and penalty. In addition, you can get criminal prosecution for tax evasion. When the amount of personal income tax for 3 financial years is more than 2.7 million rubles, the offender may face punishment up to imprisonment for 1 year (over 13 million rubles – up to three years in prison).
The Digital Asset Bill, passed in early 2021, does not include a definition of mining. Therefore, there are no separate provisions regarding its taxation yet. Back in 2018, the Ministry of Finance made a statement that the taxation of crypto mining can be considered only after the creation of special regulation. The adopted bill says only about the ban on accepting digital money as payment for goods or services provided. There is nothing said about crypto mining and making a profit from mining. However, in the initial versions of the law, the mining of digital currency was called for to be equated with entrepreneurship. This initiative was not included in the document that entered into force. But if the transactions for the sale of electronic money become permanent, they will be considered nothing more than an entrepreneurial activity. So, in accordance with the general rule, the profit from crypto mining  will be taxed, as well as other transactions with digital money (personal income tax or income tax). While in the Russian Federation there is no practice with the procedure for taxation of these transactions, as well as clear explanations of the tax service.

Reference Information

Currently, ANO "Digital Control" has concluded service agreements with the following customers:

JSC "QIWI" for the provision of services for the analysis of the market of digital financial assets and digital currency;
TRUST LLC (Group-IB) to analyze the market for digital financial assets and digital currency;
JSC Kaspersky Lab for the provision of services for research and analysis of digital currency (cryptocurrency) transactions;
RTK Information Security JSC (Rostelecom) for the provision of services for monitoring cryptocurrency transactions and receipts to crypto wallets, providing analytical reports
Individuals and legal entities for the provision of various services in the field of their activities related to the circulation of digital currency
JSC "Yandex Bank" for the provision of services for monitoring cryptocurrency transactions and receipts on crypto wallets, provision of analytical reports
All-Russian Institute for Advanced Studies of Employees of the Ministry of Internal Affairs of Russia (VIPK of the Ministry of Internal Affairs of the Russian Federation) to conduct training sessions with students

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