Banks are not allowed to trade bitcoins due to concerns about financial crime and hacking. In addition, cryptocurrency is banned at Qatar Financial Centre. [75] [76] From the point of view of current Russian legislation, cryptocurrency is a monetary substitute. In accordance with article 27 of the Federal Act on the Central Bank of the Russian Federation (Bank of Russia), the issuance of monetary substitutes is prohibited in the Russian Federation. [159] Russian President Vladimir Putin has repeatedly linked cryptocurrency to criminal activities, paying particular attention to cross-border crypto transactions. Want to know how much tax you will pay on crypto in Romania? Our crypto tax guide for Romania covers everything you need to know, including crypto capital gains tax, crypto income tax, and how to calculate your crypto taxes and up to $25. May at the National Agency for Tax Administration (Agenția Națională de Administrare Fiscală). But as more and more people turn to crypto as an investment or a lifeline, criticism of crypto has continued to manifest itself in a number of restrictions on its use. On 20 March 2018, a draft law on digital financial assets was submitted to the State Duma. It defines cryptocurrency mining as “activities aimed at creating cryptocurrency for the purpose of obtaining compensation in the form of cryptocurrency.” and treats it as a “taxable business activity if the minor exceeds the energy consumption limits set by the government for three consecutive months.” On December 7, 2017, Bank Indonesia, the country`s central bank, issued an order banning the use of cryptocurrencies, including Bitcoin, as a means of payment from January 1, 2018. [14] On 11. In November 2021, the Indonesian Council of Ulema issued a Haram fatwa against the use of cryptocurrencies as currency, including Bitcoin, citing both Islamic laws and Indonesian banking and monetary regulations. The fatwa also prohibits trading and holding cryptocurrencies unless these cryptocurrencies meet Sil`ah`s Islamic standards of tradable and possessable goods such as physical form, clear value, known number, can be truly owned, transferable and not entirely speculative.
[112] Virtual currency transactions, including cryptocurrencies, are governed by Article 116(1) of Law 227/2015, which stipulates that income from cryptocurrencies falls into the category of income from alternative sources. Therefore, profits – whether profits or income – are subject to income tax. In addition, the determination of income, applicable taxes and social security contributions is the responsibility of investors, not companies involved in transactions, such as crypto exchanges. In other words, it is your responsibility to calculate your crypto profits and report them to ANAF. Legislative developments regarding cryptocurrencies mainly concern their continued use for money laundering and terrorist financing, the massive growth of private tokens used to raise funds, and the emergence of stablecoins and central bank digital currencies. A lot of recent research has shown that there are legal and illegal crypto markets where legal or illegal users operate.12 Basically, any unregistered sale of securities violates securities laws (which are heavily influenced by MiFID II and the Prospectus Directive). Therefore, an ICO or STO that does not comply with financial market regulations is subject to heavy fines and criminal penalties both for the natural persons who direct the issue and for companies that issue illicit funds through virtual currencies. Specific sanctions and provisions relating to market manipulation or fraudulent dissemination of information through inaccurate or false information in white papers shall also apply. The National Bank of Slovakia (NBS) has stated[141] that Bitcoin does not have the legal characteristics of a currency and therefore cannot be considered a currency. [Note 1] European legislation, including Slovak law, does not define activities related to virtual currency.