The lawyers answers to questions about creating an exchange office

1. How legitimate is the operation of electronic exchange in terms of Russian legislation?

Under the income, one should understand any economic benefit of the organization or individual (including the difference in the exchange of electronic money that the user of the Software product receives as a result of such exchanges).

Profit is the income from entrepreneurial activity, which is understood as an independent activity carried out at its own risk aimed at the systematic receipt of profit from the use of property, the sale of goods, the performance of work or the provision of services by persons registered as such in the manner prescribed by law.

But even if an individual does not pursue the goal of systematically receiving income from the sale of his property, including electronic money, but receives income even from a one-time sale, then such income is taxed at a rate of 13% on income tax received from the sale of property, belonging to these persons on the right of ownership.

Thus, if a citizen systematically carries out activities aimed at obtaining profit from the sale or exchange of goods, including electronic money, when receiving a commission or agency fee for such transactions, then this activity is qualified as an entrepreneurial activity.

At the same time, it is incumbent on the taxpayer to declare his income and pay tax on him at the appropriate rate, as well as register business activities if the citizen’s income is received systematically, are not affected by the types of transactions being exchanged: RUB for RUB, USD for RUB or EUR for USD and t .p., or the type of goods sold (electronic money or Webmoney securities).

Registration of servers of payment systems in other countries (Panama, Belize, Malta, United Kingdom, etc.) does not affect the specified duties of the taxpayer, since when determining the tax base all income of the taxpayer-resident of the Russian Federation received by him in both monetary and in kind forms, or the right to dispose of which he had, as well as income in the form of material benefits.

Therefore, the execution of the instruction on the exchange of electronic money when using the Software product is a kind of activity that does not violate the law. But when you receive income from such activities, the responsibility for the correct payment of taxes and the availability of an appropriate status falls on the subject of this activity.

2. Do I need to register a legal entity or an IP under the exchange office?

A citizen has the right to engage in entrepreneurial activity without the formation of a legal entity from the moment of state registration as an individual entrepreneur.

A citizen who carries out entrepreneurial activity without the formation of a legal entity without state registration shall not be entitled to refer to the transactions concluded by him with the fact that he is not an entrepreneur.

Therefore, when carrying out systematic activities for income generation, registration as an IP or registration of a legal entity is mandatory.

Regarding the choice of the type of activity that should be indicated when registering with the Tax Inspectorate, the decision of this issue depends on the contractual scheme for which the relevant user of the Software Product will work.

In particular, you can use the agency scheme for the implementation of electronic money, when placing a public offer on its website.

3. Based on which agreement / contract can a relationship be established with the client exchanging?

The variant with the agency contract or commission agreement seems to be more optimal, as in this case the Purchaser of the Software product executes the instruction of the client to exchange the corresponding electronic equivalent of units of the payment system for another type of electronic units, receiving for such an exchange an agency fee or commission that is the amount of his income , which is subject to taxation.

It is also possible to conclude a contract for the purchase and sale of electronic money, when the Purchaser of the Software product buys electronic money from some customers at one rate, but sells to other customers at a different rate with their mark-up. But in this case, the income will be recognized as the entire amount received from customers, so the subject of such activities should decide on a more optimal tax system for themselves.

4. What threatens the owner of the exchange, if he uses the crypto currency (money surrogates) on his website?

Issue of monetary surrogates in Russia is prohibited.

The Bank of Russia has warned that the provision of services by the Russian legal entities for the exchange of virtual currencies for rubles and foreign currency, as well as for goods (work, services) will be considered as potential involvement in the implementation of questionable transactions in accordance with the legislation on combating money laundering, obtained through criminal means, and finance