Digital Currency and Stablecoin: correlation of concepts for tax regulation purposes

Abstract

The article is devoted to the study of the content and correlation of the concepts of "digital currency" and "stablecoin". The subject of the article is the peculiarities of the legal regime of digital currencies and stablecoins, as well as the tax consequences of transactions with such assets. The purpose of the study is to determine the potential tax consequences of transactions involving digital currency and stablecoin, taking into account the economic and legal relationship of these concepts. As a result of the research conducted by the author, it is concluded that under Russian law, the main distinguishing feature of a stablecoin from a digital currency will be the presence or absence of a certain obligor. It is noted that despite the absence of a legally defined term "stablecoin", some of its types can be qualified as digital currencies or digital rights. In the case of a possible qualification of a stablecoin as a digital right, such a stablecoin can be characterised as a digital right that includes a monetary claim or as a hybrid digital asset. The fact that the value of a stablecoin is tied to a specific value does not in itself affect the characterisation of such an asset for the purposes of considering potential tax consequences. The lack of legally established rules for the taxation of digital currencies affects the ability to determine the potential tax consequences of transactions involving a stablecoin, if it is classified as a digital currency. It is concluded that the existing explanations of the state authorities on the taxation of digital currencies are not sufficient to correctly determine the tax consequences of transactions with such assets. The results of the study can be used in the development of legislation on the taxation of transactions with digital currencies and stablecoins.