The Russian tax authority registers cryptography as part of the capital of a company

The Russian tax authority registers cryptography as part of the capital of a company

A company has opened a path in Russia, successfully convincing the country’s tax agency to accept that its social capital now includes cryptocurrencies. The change in the distribution of the property has been registered after the company presented a set of notarial documents confirming that a new investment was made in digital currencies, not fiduciary rubles.

The investor buys 5% of Artel’s equity with Bitcoin

Currently, cryptocurrencies have no legal status and are not regulated in Russia. However, a company called Artel has successfully added bitcoin to its authorized capital. Not without giving the entity a difficult time, the country’s Federal Tax Service finally agreed to record the change in its state. According to experts consulted by the Russian business newspaper Kommersant, the case will not have an immediate effect on the treatment of cryptocurrencies by the state, but will extend its legal use.

Artel CEO Mikhail Uspensky told the newspaper that the company was joined by an investor who added virtual currency to its share capital. He bought 5% of the company with 0.1 BTC worth about 60,000 rubles (approximately $ 940) at the time of the agreement. Of that amount, 750 rubles in crypto covered the purchase of the investor’s share in the authorized capital of the company and the rest of the money was transferred to Artel’s operating balance.

Initially, Russian tax agents rejected the company’s request, but Uspensky and his team did not give up. They acquired an independent evaluation of the wallet with the cryptocurrency of a third party specialized in the evaluation of different assets, a company called Veta, and prepared a complete set of notarial documents that include a protocol that establishes the transfer of the login details of the wallet. This time, the tax administration had nowhere to go but to accept the documents and register the change of ownership.

“The procedure for registering companies in Russia is declarative,” said Sarkis Darbinyan, legal expert at Roskomsvoboda, an NGO that defends the digital rights of Internet users, and a partner of the Center for Digital Rights, a law firm specializing in cyberlaw “The law says that social capital can be paid with money, property or property rights. However, state agencies are afraid to deal with bitcoin and take any legally important action with it before the legislature adopts a clear position on cryptocurrencies, “Darbinyan told

Precedent in Russia, new case in Europe

The Russian legal expert emphasized that this is the first time that the country’s tax authority recognizes a capital deposit transaction in cryptocurrency. “For the State to recognize this form of investment and register the transaction, it is necessary to evaluate the electronic wallet, issue an act of acceptance-transfer for your username and password, secure the documents in the notary and request the tax authorities the registry of changes in the capital stock, “Sarkis Darbinyan detailed. He also commented:

“The possibility of depositing social capital in cryptocurrencies undoubtedly has great potential. This will allow the investment of virtual assets not only in the crypto economy, but also in other traditional non-digital sectors. ”

According to Ilya Zharsky, managing partner of Veta, the difficulties in such cases stem from the lack of a legal framework for cryptocurrencies in Russia. “When legislative problems are resolved, the number of cryptocurrency evaluation requests will increase. But for now, we are developing a new practice, ”he said. The law “on digital financial assets”, the main bill in a package of laws dealing with issues related to crypto space, has been postponed several times in the State Duma since last spring. In its latest writing, the draft has yielded previous references to cryptocurrencies.

Although Artel’s case is the first of its kind in the Russian Federation, there have been similar precedents in other European countries. In 2015, 45 bitcoins were added to the authorized capital of a company based in the Italian region of Tuscany, after the transaction was confirmed by an auditor and a tax law lawyer, Kommersant reminded his readers. And according to Forklog, the Ukrainian law firm Axon Partners formed its share capital with bitcoins in 2016.

The cryptocurrency ecosystem is relatively new as soon as 10 years have elapsed, the legislation still does not assimilate the potential that cryptography has. Blockchain-bitcoin technology has all the attributes to change the traditional financial system; a greater distribution of wealth is possible. Investors and users may clear up doubts with the research and study of cryptocurrencies. It is expected by new announcements.


Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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