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Features of Сryptocurrency Regulation in Russia and the CIS Countries

18 may 2022
Online casino, Security
Author: James Burton
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In the spring of 2021, the capitalisation of the virtual asset market reached $2 trillion. Digital transactions have turned into an autonomous financial tool that can compete with any centralised payment system.

States are forced to take into account the new market and are actively developing methods for its regulation.

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World Practice and Tendencies of Cryptocurrency Market Regulation

Vectors of regulation of the digital industry in some states were outlined 6–7 years ago. But now there is no single method to the issues of controlling the cryptocurrency industry.

The main practice is grouped into three regions:

  1. USA and Canada. The two countries are trying to integrate electronic coins into the existing financial and legal fields. This process provokes a lot of problems for representatives of commerce and individuals, but in general, electronic money is treated with loyalty. The largest crypto exchanges operate in North America and Canada. There you can legally run a Bitcoin casino or any other type of business based on Blockchain technologies.
  2. Asia. Local governments are making attempts to use cryptocurrencies to improve the fiat economy, but the approach varies dramatically from country to country. For instance, in Japan, digital money is recognised as one of the types of everyday payment instruments. China is following the path of complete monopolisation of the crypto market, while India is introducing bans on any form of use of virtual assets.
  3. European Union. Bitcoin is legalised in 45 European countries. There is no unified control system — the market is regulated separately by each of the states. For example, in Ireland, exchange operations with coins are exempt from VAT, and there are already two cryptocurrency banks based in Switzerland.

The rest of the world follows the example of its larger neighbours or does not attempt to regulate the industry. Due to the dual nature of digital money, there is still no single designation for these assets in the world.

In different countries, the electronic currency has been recognised as:

  • a settlement financial unit with the ability to pay for services and goods;
  • a type of payment instrument with the option to convert coins into fiat currency;
  • goods available for purchase/sale or exchange;
  • type of intellectual property or investment assets, and other.

The options for defining cryptocurrencies are very different, but not a single country in the world has accepted coins as a full-fledged alternative to foreign fiat money.

Features of Control of Digital Assets in Russia

The status of electronic coins has been actively discussed since 2015. Only in the summer of 2020, the country adopted the official concept of cryptocurrencies.

According to the law on digital financial assets, electronic coins are recognised as a type of intellectual property. The bill equated cryptocurrency with the type of investment property, and it can be used by both individuals and commercial organisations.

Basic excerpts from Law No. 259–FZ of 2021

Definition of digital coins

The document regulates Bitcoin, Ether and some other virtual tokens issued based on Blockchain services.

The law clearly defines electronic money as a property asset: coins can be bought, but cannot be used to pay for goods and services, trade on exchanges and other financial transactions

Tax rate

Since Bitcoin casino software, electronic coins and other cryptocurrency projects have acquired the status of property assets, all transactions with virtual payments are taxed.

An interesting feature: the tax is not charged on each transaction, but is calculated based on the results of the financial year. Residents of the country must declare the amount of income if it exceeds 600 thousand rubles

Administrative responsibility and fines

The bill establishes administrative responsibility and penalties for such actions:

  • the illegal issue of coins;
  • acceptance of electronic money as payment for goods/services;
  • providing inaccurate information about property funds;
  • concealment of information about the conduct of cryptocurrency transactions;
  • untimely submission of reports.

The amount of the fine can be 10% of the maximum amount of income for the reporting period up to 2 million rubles

Purchase of services

Cryptocurrency cannot be accepted as a unit of account for goods or services. But the law does not prohibit the use of digital coins for purchases.

For example, a citizen of the Russian Federation has the full right to buy a US-licensed Bitcoin casino because the US tax jurisdiction is loyal to the cryptocurrency market

Ownership restrictions

Cryptocurrency assets can be owned by individuals and commercial enterprises, including foreign companies that have received the right to operate in the country. In addition, the law does not contain clear rules and requirements for businesses to develop and release digital assets.

Prohibition of possession of coins applies to officials, deputies, law enforcement officials and their families

Features of the Cryptocurrency Industry in the CIS Countries

Cryptocurrency industry

In the CIS, as in the rest of the world, there is no single form of digital market control. Therefore, the creation of a Bitcoin casino must be consistent with the legal structures of the jurisdiction in which the project will be registered.

Features of working with electronic assets in the CIS countries:

Belarus

The local government was one of the first in the world to legalise the cryptocurrency market in all its forms. On the territory of the country you can:

  • buy a Bitcoin casino script;
  • launch a mining farm;
  • make payments in any digital coins;
  • perform operational actions based on smart contracts;
  • exchange and store cryptocurrency;
  • work on digital exchanges, etc.

The Belarusian cryptocurrency market of Belarus has been officially available since 2017. What is more, all industry representatives of commerce are exempt from income taxes and VAT until January 2023.

Armenia

The economy in the state is supervised by the Central Bank. The local control authority has not yet recognised cryptocurrency as a full-fledged financial instrument but is actively working in this direction.

There is already a legalisation strategy that includes the following actions:

  • the creation of an expert group on the operation of Blockchain technologies;
  • development of the legal framework and the formation of authority for market control based on the Central Bank;
  • introduction of incentive measures for the growth of the industry (similar enterprises and benefits already operate for IT-commerce).

Kazakhstan

The development of Bitcoin casinos and other Blockchain projects have not yet been regulated by the country until recently.

In March 2021, the state set up a special expert group to develop provisions for market regulation. The institution is controlled by the Ministry of Digital Development. It will not only deal with local cryptocurrency projects but also introduce decentralised Blockchain technologies into the public administration system.

Kyrgyzstan

On December 31, 2020, the National Bank submitted a bill "On the circulation of cryptocurrencies" for discussion in parliament.

The task of the legislative innovation is to allow only licensed companies to work with digital assets and to oblige them to store information about all completed transactions for verification by representatives of the National Bank.

The implementation of the law will solve the following tasks:

  • reduce legal uncertainty and risks for digital market participants;
  • introduce current norms of coin turnover control;
  • create a working infrastructure for the further development of the industry.

The Main Thing about the Crypto Market Control in the CIS Countries

Turnkey bitcoin casino development

Bitcoin casino development is one of the most promising investment areas in recent years. The capitalisation of the cryptocurrency market has exceeded $2 trillion, and the creation of a relevant legal framework for work in the digital segment is the main trend in 2021.

  • There is no single form of control over the electronic assets market. In different countries, cryptocurrencies are defined as an alternative payment unit, intellectual property, product or type of payment instrument.
  • Cryptocurrencies in Russia are equated to property assets. Coins cannot be used to buy goods or services, but they can be invested in a business. For example, purchase Bitcoin casino software in countries with a loyal attitude towards the digital market (USA, Ireland, Belarus, etc.).
  • The CIS countries are actively developing the legal field of cryptocurrency projects. Special working groups have already been established in Kazakhstan and Armenia. The Belarusian digital market has been open to all forms of Blockchain entrepreneurship since 2017.

You can learn more about the features of working with electronic assets and order a turnkey Bitcoin casino with a licence at the Casino Market studio.

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