Russia’s tax administration is going to be tasked with overseeing the crypto industry in the country, a high-ranking government official has indicated. According to the regulatory concept that’s currently under consideration, the revenue service will also serve as an entry point for market participants.
Russians to Report Crypto Holdings and Transactions to Their Tax Service
The Federal Tax Service of Russia (FTS) will likely be the nation’s leading regulator for the cryptocurrency sector and admit participants to the market, Deputy Finance Minister Alexey Moiseev has said in interview with the daily Izvestia.
Russian lawmakers are preparing to adopt a package of laws on crypto assets during the spring parliamentary session. According to the draft legislation designed to introduce rules for the industry, the Russian government is expected to appoint a state body that will regulate it.
The matter is still under discussion, Moiseev remarked. “In the concept that we have develope
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