FxPro, brokerage company: Russian FinMin’s draft on crypto “moderately denies reality”

“Taking in mind the general trend to prohibitive activity in the country, the draft on cryptocurrency would be very conservative and it is moderately denying reality as well”, responded FxPro’s financial analyst Alexander Kuptsikevich upon enquiry of Bitnewstoday about the Russian Federation’s Ministry of Finance draft bill regarding mining and cryptocurrency. The brokerage company is not very thrilled with this bill and says it keeps with the spirit of our times. The draft might become approved with high certainty, Kuptsikevich implies:

“Cryptocurrency can actually become categorized as “other property”, they can set taxes on price growth revenue, miners can become equal to individual entrepreneurs with corresponding taxation, big mining farms and factories, probably, will become taxed because of their high, industrial energy demands, and other ways could become taxed only in case of the increase of threshold of taxes which is also quite possible in the mid-term.”

With this in minds, he also noted that governmental regulatory bodies might actually turn out no as strict as it is written in the law, and the full containment of Russian citizens from crypto trading is highly unlikely.

It should be reminded here that lately, Russian FinMin sent the Russian Parliament its own variation of the law on cryptocurrency for review. Previously, the State Duma has seen a variant by private Russian firms - “Pravo Robotov” (“Rights of Robots”), Voronkov Ventures and Heads Legal. Bitnewstoday has yet not received their opinion on the FinMin’s bill, but will post it as soon as possible in case the situation changes.