In view of the entry into force of the new law on digital financial assets, the question of the legality of actions with cryptocurrency is very acute. However, you can buy cryptocurrency, as before, without fear of violating the laws. In order to cover the topic of purchasing cryptocurrencies from all sides, we will answer some of the most common and expected questions that users may have.
- How to buy cryptocurrency?
The purchase of cryptocurrency is available to everyone, regardless of their place of residence, citizenship and registration, so in Russia it is quite possible to buy bitcoin and remain unnoticed – the anonymity of cryptocurrency holders is one of the most important advantages of blockchain technology. In short, to buy cryptocurrency, you need to find a suitable service – an exchange, an exchanger where digital currency is purchased for fiat funds. If you only have cash, you need to put it on a card or on an electronic wallet, for example, Kiwi or Yandex.Money, so that the finances are in electronic form. After that, you need to follow the instructions of a specific exchange office. Usually, to make an exchange, you must first register on the site.
- What currency can I buy cryptocurrency for?
It all depends on the capabilities of the exchange office – on what currency pairs it offers. But in general, in the network it is possible to find an exchanger that will allow any specific currency to be exchanged for cryptocurrency – and it does not matter whether it is a popular fiat currency, like the dollar or the ruble, or a rather specific one that is quoted only in small sparsely populated third world countries.
- Where to buy cryptocurrency?
The purchase of cryptocurrency is carried out on special platforms – crypto exchanges or cryptocurrency exchangers. There are a huge number of them on the network, each one offers its own terms, commission amount and advantages, so you should first familiarize yourself with the rules of the service, evaluate the benefits of working with it, analyze the cryptocurrency exchange rate on several exchangers and only then make a choice in favor of one of them.
- What will happen if you buy cryptocurrencies for a large amount?
Buying a cryptocurrency does not involve any penalty, even if the amount is large enough – now many companies invest their profits in bitcoin and other high-capitalization cryptocurrencies to get additional income. However, such transactions may be of interest to law enforcement agencies or the tax service, especially if there is a suspicion of money laundering through the acquisition of digital currency, the financing of terrorist groups, the purchase of weapons and other illegal operations. Therefore, a company or individual who purchases cryptocurrency in particularly large volumes should be ready to explain and provide documentary evidence of the legality of their intentions.
- What to do with the purchased cryptocurrency?
The purchased digital currency can be stored in anticipation of an increase in the exchange rate – the so-called investment, or used for trading on the stock exchange – trading is allowed in Russia. If you plan to buy any goods or pay for services using cryptocurrency, then such transactions are prohibited by law in the Russian Federation. In general, in Russia there are no restrictions on the purchase of cryptocurrency, if its acquisition is not intended for illegal use. Exchange offices work quite legally, and every adult citizen of the state can use them. However, it is worth remembering that the income from cryptocurrency transactions is taxed, according to the law on digital financial assets.