Crypto Summit 2022

On August 26, the first annual forum - Crypto Summit 2022 was held, which brought together more than a thousand representatives of the crypto industry: investors, miners, traders, developers and lawyers.

The main topics discussed at the summit were: the state of the cryptocurrency market and blockchain technologies, changing trends in the crypto market, the future of mining, the status of regulation and, of course, taxation issues.

The Regulation and Taxation section aroused great interest among the summit participants - these difficult topics were highlighted vividly and as clearly as possible by representatives of business and consulting. From our team, the speaker of the section was Partner, Head of the Tax Practice of O2 Consulting Tatiana Safonova, moderated the section Partner, head of the practice of Fintech O2 Consulting Daria Nosova.

"The topic of regulation of digital assets does not cease to be urgent - the community and the market are very much waiting for adequate rules and, of course, despite the so-called "crypto winter", everyone sees the present moment as a favorable point of growth of the industry in the format of civilized regulatory conditions for business, for investors, for the state," Daria Nosova summed up. "The fact that literally every section today talked about regulation shows the relevance of this topic, signals the need of the market, which simply cannot be ignored."

Due to the peculiarities of the legal qualification of cryptocurrencies, the question of the applicable procedure for their accounting and taxation by both companies and individuals-crypto traders remains open. In this regard, Tatiana Safonova noted the following: "For the purposes of certain Russian laws, cryptocurrency is recognized as property; however, for tax purposes, the nature of cryptocurrency is not defined. We believe that it can be qualified as property (stocks) or intangible assets, and apply to it the accounting and tax accounting procedure provided for this type of asset, depending on the purpose of its creation / acquisition and the type of activity of the company."

It should be noted that in February 2021, a draft law on amendments to the Tax Code of the Russian Federation was adopted in the first reading, which introduces an obligation for organizations and individuals to report on obtaining the right to dispose of cryptocurrency, provide reports on transactions with it, and also sets the amount of fines in case of non-compliance with these requirements.