The Deputy Minister of Finance named the likely regulator of the crypto industry | Economy news | News

The regulator of the cryptocurrency industry in Russia is likely to be the Federal Tax Service (FTS), which will become an entry window for market participants. Deputy Finance Minister Alexei Moiseev spoke about this in an interview with cryptonewsherald at the St. Petersburg International Legal Forum (SPBILF).

Currently, the State Duma is considering three bills that relate to the regulation of cryptocurrencies in Russia. One of the drafts indicates that the government will appoint an agency that will regulate this new industry.

“The issue is being discussed. In the concept that we have developed, the supervisory agency will accept declarations from people about their wallets and transactions. Now the Federal Tax Service does this for everyone on foreign accounts. It is logical to assume that the Federal Tax Service should also deal with regulation, ”Alexei Moiseev said in an interview with cryptonewsherald.

He also explained what the cryptocurrency market will be like. If we talk about the basic option, and not about experimental legal regimes, then citizens – both legal entities and individuals – can mine cryptocurrency, sell it on the external market, or hold it. Nothing more can be done – neither buy it back, nor pay off. At the same time, the wallet and all transactions must be declared, tax must be paid from them, since income arises, the Deputy Minister of Finance emphasized.

“Information about the wallet, transactions goes to three organizations. Firstly, this is the Federal Tax Service, which, apparently, will be a window for citizen’s declarations. She is now doing the same for foreign accounts, and a cryptocurrency wallet is no different in this sense. Secondly, Rosfinmonitoring, since there are risks associated with laundering, etc. Thirdly, the Central Bank,” he said.

But the interface for everyone, except banks, will be the Federal Tax Service, Aleksey Moiseev noted.

Read more in an interview with Alexei Moiseev to cryptonewsherald:

“We do not have the task of simply distributing state property as quickly as possible”

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