earn bitcoin online

I want to cash in my cryptocurrency. How can I not violate anything? In 2021, the Digital Financial Assets Act came into force in Russia. Cryptocurrency has been popular for several years, but the government has made its first attempt to regulate this market and levy taxes on crypto-income only now. Ekaterina Kuramysheva, head of MDC Law, explained the meaning of the new law, and TJ backed up her words with an experiment - she bought a cryptocurrency and tried to withdraw it into an account. Material prepared with the support of MDC Law Why is this law needed in the first place? Cryptocurrency has long been a part of financial and civil circulation. It is stupid to fight against it. On the contrary, the state should start earning taxes from cryptocurrency transactions. How sensible is it? Unfortunately, the law in its current form raises a lot of questions. I believe that when the law was passed, there was not a single specialist in the working group who had any contact with cryptocurrency. They invited bankers, financiers - anyone, but not those who had real experience with crypto. As a result, legislator just gave cryptocurrency status of some material asset, property, but still didn't define rules of the game on this market: nobody understands how to handle crypto in order not to break the law. There are no clear rules explaining how not to violate anything. But there are criminal penalties. For example, I personally know three exchange owners in Moscow, against whom criminal cases have been brought since the beginning of the year (under Article 171 of the Criminal Code, "Illegal entrepreneurial activity"). Although they did not kill or rob anyone, they were doing business as part of their business. There is no perfect law for crypto in the world yet, but things are definitely better in, for example, Germany and Singapore. They have "rules of the game" within which entrepreneurs operate. In Germany, for example, cryptocurrency is regulated by the Banking Act, there is a solid regulatory framework, crypto can be exchanged for fiat money, mining is allowed, and the federal finance ministry has issued tax guidelines and clearly spelled out what constitutes a taxable base. Ekaterina Kuramysheva, head of law firm MDC Law Where in Russia can I buy cryptocurrency? On exchanges and in cryptocurrency exchanges. For example, there are the exchanges Binance, BitFinex, Poloniex - but they are all foreign. There are no Russian ones yet. The point is that people are afraid to try: well, you registered as an operator, but then what? And the new law does not clarify anything: it does not explain, for example, how such a site should pay taxes. And who in their right mind would want to register their business under these conditions? It's like putting up a sign saying "Come and search me". We chose Binance, one of the largest cryptocurrency exchanges in the world, as our experiment. To buy cryptocurrency there you need to register an account and go through a simple verification procedure (confirm your email and phone number, send a passport scan and nod your head in front of a webcam). You can pay with any card of international payment systems. We chose Dogecoin - one of the most inexpensive cryptocurrencies, which you won't mind losing. What is the difference between exchanges and exchangers? An exchange is a foreign legal entity. It has a licence, but Russian legislation does not regulate its activity in any way. This means that it does not protect Russian citizens in any way. Although exchanges used to allow anonymous wallets, this is almost impossible now: platforms are afraid of extortionists, fraudsters and terrorist financiers. So any exchange will ask you to prove that your wallet is in your own name and not someone else's. Usually you have to fill out a form, take a picture with your passport, and write a number on a piece of paper. Cryptocurrencies are also foreign entities. And they are even less regulated than exchanges. If an exchange has a trading volume and the regulator imposes certain requirements on it, an exchanger simply transfers bitcoins to an unverified wallet and receives a "cache". In fact, all exchangers in Russia are a grey area. Even if the exchanger is located in a nice office in Moscow City, it is still a semi-legal story. They are worth looking at with caution. How to withdraw money from a cryptocurrency wallet? Two conditions have to be met: Provide a document confirming the origin of the money for the purchase. Exchanges themselves are often tricky: they ask clients about the origin of funds not at the moment when they start the wallet, but when they try to withdraw crypto. A 2-NDFL may be suitable for confirmation. If it is not there, you need to look for other means. Suppose your grandmother left you an inheritance: a certificate of inheritance will suffice. Documents about the sale of a flat or a loan also count. Make sure that your bank is not on the sanctions list. Sanctions lists are maintained by more than 20 countries and organisations. These include the US (OFAC SDN, NON SDN), the UK (HM Treasury), Switzerland (SECO), the EU, the UN and others. Unfortunately, the sanctions lists are randomly drawn up: no make bitcoins earn with cryptocurrency

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