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.
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:
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:
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.
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
Since Bitcoin casino software, electronic coins and other cryptocurrency projects have acquired the status of property assets, all transactions with virtual payments are taxed.
Administrative responsibility and fines
The bill establishes administrative responsibility and penalties for such actions:
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
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
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:
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:
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.
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 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.
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:
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.
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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