Russian Tax Authority Registers Crypto as Part of a Company’s Capital

A company has blazed a trail in Russia, successfully convincing the country’s tax agency to accept that its equity capital now includes cryptocurrency. The change in the ownership distribution has been registered after the firm filed a set of notarized documents confirming a new investment was made in digital coins, not fiat rubles.

Also read: Belarusian Bank Gets the Go-Ahead to Service Crypto Investors

Investor Buys 5% of Artel’s Equity Using Bitcoin

At present, cryptocurrencies don’t have any legal status and are not regulated in Russia. Yet a company called Artel has managed to officially add bitcoin to its authorized equity capital. Not without giving the entity a hard time, the country’s Federal Tax Service eventually agreed to register the change in its status. According to experts consulted by the Russian business daily Kommersant, the case will not have an immediate effect on the treatment of cryptocurrencies by the state, but it will…