This week we took part in the crypto summit and spoke with both businesses and government representatives. Here are the main trends, issues, and “grey areas” that were brought up:
🔹 Gas-powered generator mining is actively developing. Key questions being raised: Is registration in the official registry required? Is it legal to mine in “restricted” regions? Clear answers are still lacking.
🔹 VAT for miners remains a pressing issue. Since mining is exempt from VAT, miners cannot claim input tax deductions — including on equipment — which creates significant challenges.
🔹 Crypto exchange regulation is still in its early stages. Although the government is discussing legal frameworks, in our view, it's too early to expect clarity. As a result, we continue working with foreign platforms, accepting the associated risks.
🔹 Crypto in foreign trade is already solving many real-world problems, and no immediate restrictions are expected. However, the idea of a unified BRICS digital currency (CBDC) is off the table for now — it's not happening.
🔹 Exiting the “grey” zone: The Federal Tax Service (FTS) and other tax authorities are increasingly providing guidance and support to help miners and infrastructure operators legalize their operations. We've seen this firsthand.
🔹 VAT for miners remains a pressing issue. Since mining is exempt from VAT, miners cannot claim input tax deductions — including on equipment — which creates significant challenges.
🔹 Crypto exchange regulation is still in its early stages. Although the government is discussing legal frameworks, in our view, it's too early to expect clarity. As a result, we continue working with foreign platforms, accepting the associated risks.
🔹 Crypto in foreign trade is already solving many real-world problems, and no immediate restrictions are expected. However, the idea of a unified BRICS digital currency (CBDC) is off the table for now — it's not happening.
🔹 Exiting the “grey” zone: The Federal Tax Service (FTS) and other tax authorities are increasingly providing guidance and support to help miners and infrastructure operators legalize their operations. We've seen this firsthand.