Trends in Tax Regulation of Circulation of Digital Currencies in Russia

Abstract

Over the past years, the position of Russian regulatory authorities regarding the legitimacy of the circulation of digital currencies in Russia has changed more than once. At the same time, taxation plays an important role in the system of state regulation of the use of modern financial technologies. The purpose of the article is to characterize the trend in the tax regulation of digital currencies in Russia. In parallel with the consideration of issues of the legal status of digital financial assets, the Ministry of Finance and the Federal Tax Service of Russia are making attempts to describe the tax consequences of transactions with these types of assets and their financial results. Explanations regarding the tax consequences of transactions involving the circulation of digital currencies and the financial results of their implementation are presented in chronological order. The stages of tax regulation of digital currencies in Russia are highlighted. Approaches to indirect taxation of digital currencies are summarized and their consequences for the prospects for the development of digital financial assets on the Russian market are assessed.