An automated service for legitimate handling of digital currencies in Russia, BitNalog, has become the most promising cryptocurrency startup of 2021. The project’s presentation and the award ceremony took place on 27 October at the Blockchain Life 2021 forum.
With BitNalog, cryptocurrency holders can calculate profits and tax bases, declare balances and transactions, pay taxes, and also prepare the documents required for banks.
The service operates via API with exchanges, which will export the necessary data to the system. The developers say that data leaks are impossible, since the service provides data to third parties only by court order.
In 2022, a bill on the taxation of cryptocurrencies in Russia is expected to come into force. According to BitNalog, the volume of receipts from the turnover of digital assets this year could amount to 100 to 200 billion rubles.
“The main function of the BitNalog service is to simplify the legal and financial complexities that crypto holders may face in the near future,” commented Dmitry Machikhin, founder and CEO of BitNalog.
In Russia, the service operates through the Gosuslugi portal. In the near future, the team plans to make the product available to digital-asset holders from Ukraine, Belarus, Uzbekistan and Kazakhstan.
Earlier, on 17 February 2021, the State Duma of the Russian Federation in the first reading adopted as a basis a bill on the taxation of cryptocurrency operations.
In the current редакции document obliges individuals and legal entities to report to tax authorities on ownership of digital currencies if the total receipts or withdrawals for the year exceed the equivalent of 600,000 rubles. The amount of the operation is calculated based on the market price of the currency.
For late submission or submission of inaccurate information in the report on digital currency operations and holdings, a fine of 10% of the greater of the two sums — receipts or withdrawals of digital assets — is provided.
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