The State Duma allowed the recognition of cryptocurrency as property this year

Deputy Aksakov: The State Duma may recognize cryptocurrencies as property before the end of the spring session

The State Duma will consider amendments to the Tax Code by the end of the spring session, providing for the recognition of cryptocurrency as property, this will entail mandatory reporting on the turnover of digital assets to the Federal Tax Service (FTS). About it told Izvestia, Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Market.

The deputy clarified that the turnover exceeding the bar of 600 thousand rubles will be subject to reporting. in year. These amendments can be considered in parallel with the general regulation of the industry by the draft law of the Ministry of Finance, which is expected to be submitted to the lower house of parliament in May, Aksakov said. The subject of regulation of cryptocurrencies, according to him, faded into the background due to the work of the government on anti-crisis measures.

The Central Bank told the publication that cryptocurrencies are used, among other things, for tax evasion. “The legal segment of the market will become a convenient gateway for the withdrawal of illegal funds into fiat money: the larger the “white” market, the more opportunities for the sale of cryptocurrencies obtained as part of criminal activities,” the Central Bank said in a statement.

The shadow economy will expand, according to the regulator, and the additional income from the taxation of mining and operations with cryptocurrencies may not cover the loss of tax revenues. According to Izvestia, the Central Bank did not specify how much the risk of losing the federal budget and how much the shadow economy threatens to grow.