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November2017
Ministry of Finance to introduce crypto traders licensing

Ministry of Finance to introduce crypto traders licensing

The Ministry of Finance offers to oblige all crypto traders to obtain licenses and pay income tax, Forklog reports, referring to its own source in the Ministry.

It is reported that the government is going to make amendments to the law on licensing, and the Tax Code, as well as to increase the income tax rate for private entrepreneurs and legal entities dealing with crypto trading.

Such amendments will oblige crypto traders to be registered as a legal entity.

The Ministry representative, the informational recourse is referring to, believes that traders get huge profit and the government has the right to claim a share of it. According to the source, excess profit of entrepreneurs is subject to the increase of Bitcoin rate.

When commenting on the news, market representatives doubted the fact that the law will be abided: regulators will face difficulties when proving that a person deals with exchange trading.

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