Date of publication: 
Time to read: 
Views: Cryptocurrency is a digital currency based on blockchain technology. It operates without the involvement of a centralized authority, so there is no interference of the government or other organizations in the transaction processing. This makes cryptocurrency decentralized and independent.
At the same time, Russia is attempting to regulate the cryptocurrency sphere. It is forbidden to buy and sell property and services for cryptocurrency and to let it circulate in the business of the Russian Federation.
At the moment these are just attempts, as the cryptocurrency sphere is quite complicated in its use and calculation.
There are two reasons why this sphere is not yet fully regulated in Russia:
- Lack of competence of the authorities. Cryptocurrencies are quite complicated in their use, profit and cost calculation.
- Partially free circulation of cryptocurrencies is profitable, and it is not yet time to create a full-fledged regulatory framework.
Main ways of selling cryptocurrency in Russia
Russia is not yet limited in its possibilities and the possibilities of its citizens to buy and sell any cryptocurrency. The only thing it lacks is cryptocurrency ATMs.
But this shortage does not bother cryptocurrency users from Russia in any way, and they actively buy and sell crypto among themselves on spot and futures markets, as well as on P2P platforms and exchanges.
To buy and sell cryptocurrency in Russia, and most importantly, so that you do not have problems with the law, there are several ways to make such transactions:
1. Use of cryptocurrency exchanges.
Cryptocurrency exchanges are online platforms where you can buy, sell and exchange various cryptocurrencies. Common cryptocurrency exchanges in Russia are Binance, Bybit, OKX, Gate.io.
In order to be able to buy and sell cryptocurrency through a bank card on the exchange requires full verification of identity through a passport.
After you have been verified, you now have the opportunity to buy and sell cryptocurrency directly from the exchange. All you need to do is enter your card details and confirm the transaction.
Exchanges usually charge a commission for transactions, take this into account when calculating your profit from the sale. Not all cryptocurrency exchanges accept Russian bank cards. This should also be taken into account when choosing how to buy or sell crypto.
2. P2P platforms.
P2P-platforms (peer-to-peer) are services that allow direct buying and selling of cryptocurrency between users. There are such platforms both on cryptocurrency exchanges and individual projects. It is important to consider the fact that P2P platforms outside of cryptocurrency exchanges are subject to greater risk, as exchanges act as a guarantor of the safety of your funds.
Popular P2P platforms in Russia:
- Exchange platforms. P2P on BYBIT, Kucoin, BingX, MEXC, etc.
- OTC marketplaces. Bitpapa, Garantex.
The advantage of this method is that you can agree on a payment method and get the money in cash or to a bank account.
The disadvantage is a higher risk of fraud. Be sure to carefully check the reputation of the user and follow security measures. Proof of a good reputation is a large number of positive reviews. On P2P sites it is desirable to use verified merchants. Merchant is a user who enjoys special trust in the cryptocurrency exchange. Transactions with him guarantee safety in all aspects of P2P transactions.
3. Using private exchangers and intermediaries.
Exchangers are online services that exchange cryptocurrency for fiat money (rubles, dollars, etc.). They work according to the “one-click” principle. You specify the amount of cryptocurrency you want to sell or buy and get an instant calculation of the amount in rubles. Then you can withdraw the money to your bank card or e-wallet. Commissions in exchange offices are usually higher than on exchanges, but the transaction is fast and without additional verifications.
There are also companies and individuals who provide services to sell cryptocurrency for fiat money. They take care of all organizational issues: execution of documents, transfer of funds and so on. This method is more convenient for those who do not want to understand the implementation of transactions on their own and it is suitable to delegate these powers to others. However, the commission for the services of an intermediary, as a rule, is higher than in the case of an independent sale.
It is important to realize that buying and selling cryptocurrency through unofficial persons involves certain risks that can negatively affect your position.
It is unknown where the cryptocurrency was purchased from such individuals or whose money they will use to buy it from you. If cryptocurrency is not so much tracked yet, fiat money is seen through by the Central Bank of Russia. Every ruble is controlled, and if you receive “dirty money” it will be problematic to prove later that you had nothing to do with it.
4. Buying and selling cryptocurrencies through cryptocurrency ATMs (cryptomats)
A cryptomat is a special ATM that allows you to perform transactions with cryptocurrencies. As a rule, it is a terminal equipped with a touch screen, a bill acceptor and a device for issuing checks. With the help of a cryptomat you can quickly and easily buy bitcoins, etherium, lightcoin and other cryptocurrencies for cash rubles.
At the moment, cryptomats in Russia have a few disadvantages:
- There are too few of them
- The rates can differ significantly from the exchange rates and not in favor of the client
- The rates of cryptomats can differ from each other, so it is necessary to analyze several cryptomats to make a decision.
Buying cryptocurrency through a cryptomat in Russia is as follows:
- Find the nearest cryptomat to you. Information about the location of terminals can be found on specialized maps.
- Approach the cryptomat and select the necessary cryptocurrency (bitcoin, ethereum, lightcoin, etc.).
- Enter the amount you want to spend on the purchase of cryptocurrency and deposit cash rubles into the terminal's bill acceptor.
- Wait for the transaction to complete. After that, the purchased cryptocurrency coins will be credited to your e-wallet.
- Print out a receipt with details of the transaction to confirm the purchase.
5. Buying and selling cryptocurrencies through e-wallets
Not all cryptocurrency wallets allow you to sell directly through them or they have limited functionality related to this feature.
For example, with a cryptocurrency wallet on Telegram, you can sell your cryptocurrency directly from it using the P2P marketplace integrated into the wallet.
BTC, USDT, TON, NOT cryptocurrency are available for buying and selling.
Another example is the cryptocurrency hot wallet Trust Wallet. It has a feature to sell cryptocurrency for fiat currency, but only if you're an EU or US resident. Sales are only available for euro, British pound and US dollar.
For Russian citizens, Trust Wallet can only sell crypto for USDT. And further steiblcoins are sent to the exchange or exchangers and there sold for Russian fiat.
6. Buying and selling cryptocurrencies using Telegram bots
Probably one of the most unsafe methods of buying and selling cryptocurrencies is Telegram bots.
The messenger has an official built-in wallet from Telegram developers, for which they are responsible, and there are private Telegram bots that can be used to buy and sell cryptocurrency.
In terms of functionality, they are similar to the official Telegram wallet. There you can store crypto, send and receive it, and sell it for fiat money.
Regardless of the method chosen, it is important to follow a number of recommendations when selling cryptocurrency in Russia:
- Make sure the platform or intermediary you are working with is reliable and reputable.
- Check rates and commissions on different platforms to find the best deal for you.
- Follow security rules when conducting transactions - don't share personal data and use two-factor authentication.
- store cryptocurrency in cold (offline) wallets to reduce the risk of theft.
- Familiarize yourself with current legislation and tax obligations when selling cryptocurrency.
Taxation of cryptocurrencies in Russia
In the Russian Federation, only profits from the sale of cryptocurrency are taxable. Owners of digital assets do not need to pay anything to the state for purchase and storage.
Provided that the rate of cryptocurrency increased after the purchase, while it is lying on the account, it can not be considered income.
Pay tax only when there is a sale of cryptocurrency on the exchange for fiat currency.
If cryptocurrency is sold at a loss or zero profit, it will not be taxed in any way, but it will be necessary to report to the Federal Tax Service about this operation.
For the current period of time, only individual entrepreneurs and organizations are obliged to pay taxes for transactions with cryptocurrencies.
For individual entrepreneurs with income up to 5 million rubles, the rate is 13%. If the income was more than 5 million rubles, the rate increases to 15%.
For organizations, the rate is 20% of income tax. Also, for legal entities, it becomes necessary to have absolutely all documents confirming each transfer, transaction and unloading of crypto from the personal account on the exchange.
Is cryptocurrency legalized in Russia?
Cryptocurrency is not banned in the Russian Federation, but there is no complete freedom of action either. Russians are not prohibited from owning cryptocurrency, trading it on spot, futures and P2P markets, as well as making transactions between each other.
But for now, it is under the ban to charge for goods and services with digital assets.
Recently, the Russian government has started practicing international settlements in cryptocurrencies. This is the first step towards compiling a regulatory framework for digital assets for individuals.
Conclusion
To summarize, we can say that the sale of cryptocurrency in Russia is possible. But if all precautions are observed and a competent approach, it is quite a realizable task. If you do not use cryptocurrency in the gray and black sectors of the economy, then for the user of digital assets there are no barriers to the use of all the functionality of cryptocurrencies.
At the moment, the legislation of the Russian Federation does not have full-fledged legal acts to regulate the cryptocurrency sphere.
Obviously, this is only the beginning for Russia. After all, most major exchanges have high hopes for the CIS crypto-market, which means that full adoption and drafted cryptocurrency legislation is only a matter of time.
Frequently Asked Questions
1. Is it legal to buy and sell cryptocurrency in Russia?
The laws of the Russian Federation do not prohibit buying and selling digital assets in the country. It is prohibited to pay with cryptocurrency for any goods and services on the territory of the Russian Federation.
2. If I am an individual, what can happen if I don't pay taxes on cryptocurrency income and how can I start paying them?
If you ignore the legislation on taxation on income from cryptocurrencies, then in this case you face a fine of 20% to 40% of the unpaid amount under Article 122 of the Tax Code of the Russian Federation, To pay taxes as an individual, you need to register yourself as an IE and start paying taxes.
3. If I sell and buy cryptocurrency on P2P platforms, how do I check counterparties and not get caught in fraud?
First of all, you should check the total number of orders of the counterparty with whom you plan to make a transaction, if there are a lot of transactions and positive feedback, then the counterparty is trustworthy and can be dealt with. Ideally, it is necessary to carry out transactions only with verified merchants, they are marked with ticks. These persons are on special trust in P2P platforms, and therefore problems with them should not arise.
