Cryptocurrency News & Updates

Russian govt official confirms “Federal Tax Service” is the first crypto regulator in the country

Denis Manturov explained the top regulators of the country, which regulates the crypto sector in Russia. Indirectly, the deputy minister suggested market participants comply with the rules corresponding to the mentioned regulatory bodies. 

Russia is a crypto-friendly country, since Q1 2022 because of the Western financial sanctions imposed on the country. Before 2022, the Bank of Russia was planning to bring a blanket ban on the crypto sector, more similar to the China crypto ban. But now the whole situation is different & several government agencies love crypto. 

On 15 May 2023, the Deputy Minister of Finance of Russia Denis Manturov said that the “Federal Tax Service” is the foremost crypto regulatory body, and after that, there are Federal Financial Supervisory Service and the Central Bank

In short, the Russian Finance deputy minister suggested people & businesses remain always focused to maintain crypto-related activities under the boundary of the rules issued by “The Federal Tax Service” against the crypto sector.

It is worth it to note that retail investors are also required to see the country’s tax authority as a top regulatory body and this case is also similar in India, where crypto activities run under grey regions.

India & Russia are friendly countries to each other and also crypto companies & individuals are required to follow the tax laws to comply with tax authority only. In India, crypto traders are required to pay a 30% tax on the profit generated corresponding to each transaction & also there is a system to pay 1% TDS on every crypto sold against fiat (INR).

Read also: Tether CTO supports Bitcoin ordinals & BRC-20 tokens indirectly