Director of the Federal Tax Service of Russia: Cryptocurrencies May Affect State Tax Revenue

Golden Financial reports that Daniil Egorov, head of the Federal Financial Service of Russia, mentioned cryptocurrencies as a potential tax exemption in an interview with Russian news agency RBC. When asked if he had recently discovered any “updated” tax evasion plans, Egorov referred to crypto. "We are paying close attention to this endeavor and understand that this payment will affect our tax base and that this issue needs to be addressed in a 'procedural' manner. Egorov also noted that the IRS uses blockchain technology to capture legal proxies. However, he did not provide further details. Under current Russian law, cryptocurrency is considered a taxable asset. A law on the taxation of cryptocurrency taxes was passed at a meeting in February, but has not come to fruition since. (Parts office)