Russia to develop amendments which prevent tax evasion through crypto

As the New Year holiday season ends, the Russian lawmakers return to their jobs and continue to research the cryptocurrency market. Multiple initiatives have been voiced today by different Russian officials - Anatoly Aksakov and Alexei Moiseev.

Anatoly Aksakov, who heads the Russian State Duma Financial Market Committee, told the journalists today that a set of amendments to existing laws is being prepared. These amendments are made to prevent tax evasion through cryptocurrency. Some people, according to Mr. Aksakov, “abandon dollars, deposits, buy bitcoins and do not declare them, as this isn’t highlighted in our legal framework.” He also told that there will be amendments for the local bankruptcy code to enable cryptocurrency as a means of insolvency proceedings.

This legislative initiative reminds of Trump’s tax plan which closed a big tax gap for cryptocurrency entrepreneurs (see this material on Bitnewstoday for more information). Another initiative comes from the FinMin and Alexei Moiseev, Deputy Finance Minister of the Russian Federation. As he tells, his colleagues do not want to regulate the market too tight, but some lines should be drawn, and this is why they will be making a list of platforms where cryptocurrency deals will be allowed. The issue of exchanges will be discussed actively, promised Mr. Moiseev.

Meanwhile, the government-backed Sberbank has opened a blockchain laboratory to conduct research studies on the latest trends in this sphere. The leadership of Sberbank has always been endorsing the blockchain benefits.