The Ministry of Finance believes that the Federal Tax Service will be able to be responsible for crypto regulation

State Duma deputy Anatoly Aksakov last week announced the need for the soonest legalization of the crypto-currency market.

The same position is shared by another parliamentarian Andrei Lugovoi. In his opinion, the Federal Tax Service will be able to perform regulatory functions.

Deputy Finance Minister Alexei Moiseev also believes that the Federal Tax Service can be empowered to control participants in the digital asset market. In an interview with the Izvestia newspaper, he said that the government is considering options for a regulatory framework that will be the most optimal for our country.

Individuals and legal entities will be able to legally mine cryptocurrency. However, they must sell it only in foreign markets. The authorities will prohibit the use of digital currency as a means of payment.

In addition, each crypto investor must provide the necessary information to the tax authorities in the prescribed manner.

Moiseev said:

This issue is already being discussed. The supervisory agency will accept declarations on wallets and transactions of citizens. The Federal Tax Service deals with foreign accounts, so this service should deal with regulation.

According to the Deputy Minister, in addition to the tax service, information about crypto wallets must be transferred to the Central Bank and Rosfinmonitoring.

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