The deputy head of Russia’s central bank Olga Skorobogatova has stated that cryptocurrency mining as a business has to be registered and taxed. The official insists that mining is more than just production of cryptocurrencies. “Mining is validation of transactions that are represented as blocks on the blockchain. Validation is.
Russian parliament plans to review a bill that legalizes cryptocurrencies this September. According to Elina Sidorenko, the head of the parliament’s working group of cryptocurrencies, the bill, however, does not include provisions as to tax regulation of virtual money.
According to media reports, Japan’s Financial Services Agency, the country’s financial regulator, is weighing on abandoning the 8% sales tax which bitcoin and other cryptocurrencies are currently subject to.
Russia’s Federal Tax Service (FTS) has stated its intent to use blockchain technology in getting away from statement-based mechanism of working with companies. FTS believes it would significantly simplify the exchange of documents and render an enormous accountancy staff unnecessary along with increasing the system’s overall efficiency.