Mining tax: how it will work
On January 25, the Ministry of Finance of Russia proposed a bill with the help of which the state would be able to regulate the cryptocurrency market. This document was developed urgently, only a few months after Vladimir Putin ordered to develop regulatory standards in the cryptocurrency sphere. Experts have long argued that for the further development of the crypto market in the Russian Federation, regulation should be started. And now, it seems, the “locomotive of cryptocurrency progress” in the country has moved forward.
Recall that the bill allows participants in the cryptocurrency market to work without fear of problems with the law. But only if miners and other members of the community share a part of their income with the state. It is possible that after the adoption of the bill, large companies that previously kept aloof from this “gray zone” will come into play.
The Ministry of Finance plans to legalize only certain operations with cryptocurrencies. While the bill is preliminary, so that the final judgment on the document can be made only after its readiness. But it is known that both individuals and legal entities will be able to mine, store the mined and make exchange operations. It will also be allowed to sell and buy coins for Fiat. The law does not distinguish between technologies, so miners and "validators" are considered as equal subjects of the law.
As for transactions and restrictions, "I have them." Absolutely all operations on working with cryptocurrencies must pass through specializedstalls "exchangers", with which it is planned to make legal entities: brokers, dealers, securities managers and other participants who have licenses of an exchange or a trading system.
In this exchangerstall, the user will open his own account and wallet. But the user will not have a private key from it. The only exception is qualified investors who can work independently. Thus, the wallet will belong to the exchanger itself, and the user will be given the opportunity to manage only the cryptocurrency on the account. In case of problems, the wallet will be frozen with all means. Norms and rules for working with wallets have not yet been developed - if the bill receives the "green light", the procedures will be developed by the Central Bank.
There is a possibility that withdrawal of funds from “approved” wallets to personal will be prohibited or the state will establish any other restrictions. Separately, it must be said that the purse owners will be obliged to go through identification in full compliance with the law “On Countering the Legalization (Laundering) of Criminally Income and the Financing of Terrorism”. If anonymous transactions are allowed to be carried out, then only with some minimum amounts, as is happening now with electronic money and payment systems.
Another limitation - the cryptocurrency will not be considered a currency, as, for example, in Japan. It is there, sitting under the sakura and admiring the views of Fuji, you can pay for a cup of cryptocurrency coffee. In the Russian Federation, coins will be considered a special type of "property in electronic form." Mining will be equal to entrepreneurial activity, although it is not yet clear whether the state will engage in licensing in this area. At the same time, illegal miners will be punished, with administrative or even criminal liability.
It’s too early to draw conclusions, but lawyers who are connected with the cryptosphere are skeptical of the draft law, believing that it’s still far from adopting a document as a law - the content and structure will change several times. At the moment, the text of the bill can be considered the main provisions of what will be the Russian future of cryptoeconomics. The bill will be supplemented by appendices, including, for example, the “Rules for Organized Trading in Digital Financial Assets”.
In general, the regulation of the cryptocurrency sphere is a very difficult task. Officials need to take into account a lot of technical, legal and organizational issues. For this, a couple of months or even a year may not be enough, so, most likely, we will see the bill in its final version either at the end of 2018, or already at the beginning-middle of 2019. It is unlikely that this law will be soft, and if you need freedom in operations using cryptocurrency, you should still think about sakura and other things related to Japan.
Recall that the bill allows participants in the cryptocurrency market to work without fear of problems with the law. But only if miners and other members of the community share a part of their income with the state. It is possible that after the adoption of the bill, large companies that previously kept aloof from this “gray zone” will come into play.
What exactly is regulated?
The Ministry of Finance plans to legalize only certain operations with cryptocurrencies. While the bill is preliminary, so that the final judgment on the document can be made only after its readiness. But it is known that both individuals and legal entities will be able to mine, store the mined and make exchange operations. It will also be allowed to sell and buy coins for Fiat. The law does not distinguish between technologies, so miners and "validators" are considered as equal subjects of the law.
As for transactions and restrictions, "I have them." Absolutely all operations on working with cryptocurrencies must pass through specialized
In this exchanger
There is a possibility that withdrawal of funds from “approved” wallets to personal will be prohibited or the state will establish any other restrictions. Separately, it must be said that the purse owners will be obliged to go through identification in full compliance with the law “On Countering the Legalization (Laundering) of Criminally Income and the Financing of Terrorism”. If anonymous transactions are allowed to be carried out, then only with some minimum amounts, as is happening now with electronic money and payment systems.
Another limitation - the cryptocurrency will not be considered a currency, as, for example, in Japan. It is there, sitting under the sakura and admiring the views of Fuji, you can pay for a cup of cryptocurrency coffee. In the Russian Federation, coins will be considered a special type of "property in electronic form." Mining will be equal to entrepreneurial activity, although it is not yet clear whether the state will engage in licensing in this area. At the same time, illegal miners will be punished, with administrative or even criminal liability.
What's next?
It’s too early to draw conclusions, but lawyers who are connected with the cryptosphere are skeptical of the draft law, believing that it’s still far from adopting a document as a law - the content and structure will change several times. At the moment, the text of the bill can be considered the main provisions of what will be the Russian future of cryptoeconomics. The bill will be supplemented by appendices, including, for example, the “Rules for Organized Trading in Digital Financial Assets”.
In general, the regulation of the cryptocurrency sphere is a very difficult task. Officials need to take into account a lot of technical, legal and organizational issues. For this, a couple of months or even a year may not be enough, so, most likely, we will see the bill in its final version either at the end of 2018, or already at the beginning-middle of 2019. It is unlikely that this law will be soft, and if you need freedom in operations using cryptocurrency, you should still think about sakura and other things related to Japan.
Source: https://habr.com/ru/post/410043/