Are regulators going to harm crypto projects by taxing them?
Russian State Duma adopted the first reading of the long-awaited package of bills for many professional participants in crypto industry, finally defining the digital financial assets and related technologies.
However, the professional community has many concerns about the bill, and experts are afraid that without taking into account their position the new rules will be harmful.
According to the logic of the documents examined, the cryptocurrency is set into the category of “other property”, miners are fully taxed, and the organizers of an ICO are obliged to sign a typical offer contract with each investor.
Earlier, when the various options of regulating cryptocurrency in Russia were discussed at the legislative level, the community representatives reminded that first of all it is necessary to create a base, to decide on the concepts and only then to engage in lawmaking.
For example, the creation of a registry of crypto investors and the application of general rules of qualification on the market was assesed by the experts positively — on the one hand. On the other hand, they clarified that the methods and criteria for collecting and aggregating information about cryptocurrency market was useless while there is no clear legislative base.
Vladimir Smerkis, Tokenbox and the Token Fund co-founder and managing partner, believes that “If all measures will be based on taxation, Russian projects will lose their appeal for those crypto investors who are still investing in our projects”.
Source: https://fomag.ru/news/prinyatyy-paket-zakonov-dlya-kriptoindustrii-mozhet-nanesti-vred-eksperty/
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