Aksakov: cryptocurrencies should be taxed as they are a high-income business

Recognition of cryptocurrencies as property will help resolve inheritance and tax issues. This was stated by Anatoly Aksakov, head of the State Duma committee on the financial market, according to Parliamentary Gazette.

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He noted that the cryptocurrency market is \”quite large\” and that many residents of the Russian Federation are active participants.

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Therefore, we must first secure property rights. Then cryptocurrency, as a form of property, would pass to its heirs in the event of a person’s death. And second, resolve the taxation issue,\” Mr. Aksakov said.

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He said that for many people, cryptocurrencies are a high-income business, so transactions with them should be taxed like other forms of entrepreneurial activity.

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Earlier, on 1 December the government introduced to the State Duma a draft law ‘On amendments to Parts I and II of the Tax Code of the Russian Federation’, regulating the declaration of cryptocurrencies.

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It recognises cryptocurrencies as property and establishes the need to report on digital currencies if in a calendar year the amount of operations with them exceeds the equivalent of 600,000 rubles.

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Details on the bill’s features are available at the link.

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When to report on bitcoins: analysis of the draft law on cryptocurrency taxation

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