Russian cryptocurrency traders must calculate own tax

Cryptocurrency investors in Russia will have to calculate their own taxes from trading, the head of the tax and customs policy department has stated.

In an official document dated last month, Alexey Sazanov, director of the Russian Ministry of Finance’s tax and customs policy department, clarified the position of  crypto traders in the country.

He said: “The tax basis for cryptocurrency exchange operations is determined in rubles as an excess on top of the total income received by a taxpayer during the tax period from the sale of the corresponding cryptocurrency, on top of the total sum of the confirmed purchase cost.”

President Vladimir Putin also recently addressed the crypto industry, telling journalists yesterday: “The relationship of the Central Bank of the Russian Federation to cryptocurrency [is that] it considers cryptocurrency neither a means of payment nor a store of value.

“Cryptocurrency is not backed by anything. One should treat it cautiously, carefully.”

Despite these comments, Putin went on to say that the country is looking into “how we can use it in order to avoid any restrictions in the field of international financial activity.”