Fintech-digest: tax on self-employed, investments in fintech and institutional investors in the crypt, the law on crypt in the Russian Federation

    • Russians preferences for non-cash payments and cards;
    • Investments in fintech are constantly growing;
    • The tax on self-employed will be introduced from January 2019;
    • Institutional investors come to the world of cryptocurrency;
    • Cryptocurrency Law in Russia.

    Card or cash?

    A new study by the Department of Information Technology of Moscow showed that only 11% of Muscovites prefer to pay in cash. The remaining 89% either do not use cash at all, or use cashless payment methods more often, and the cache is rarely used.

    Among the reasons for the refusal of cash payments - the convenience of non-cash payment, unwillingness to withdraw money from the card, the ability to get cashback or discount. Those who pay in cash, most often use bank cards - 94% of respondents, 40% - mobile banking, 16% - electronic money. There are those who pay with a smartphone or for hours.

    Investments in fintech

    A review of the venture capital industry in Russia for 2017 shows that investments in fintech are constantly growing. So, in 2016, the technology sub-sector in the financial sector ranked second in terms of investment - then $ 15 million was invested. In 2017, this figure doubled, reaching $ 30.8 million, which is 15% of the total investment.

    Until 2018, there is no data yet, but we can expect a further increase in investment - the industry is gaining momentum, and investors see it.

    Tax on self-employed

    From 2019, officials plan to conduct a new experiment - to introduce a tax on professional income for self-employed citizens. The bill on the new special regime is already being considered by the State Duma. It is reported that individuals will pay the tax, who do not have an employer and who do not attract employees under labor contracts. These can be translators, tutors, nannies. Register as individual entrepreneurs is not necessary.

    The experiment will be conducted from 2019 to 2028 in four regions at once: Moscow, Moscow and Kaluga regions, the Republic of Tatarstan. It should be noted that it is not possible to pay a tax on professional income for self-employed citizens if physical income for a calendar year exceeds 2.4 million rubles.

    Institutional investors and cryptocurrencies

    The report, which was published by Morgan Stanley, shows that institutional investors are increasingly active in the world of Bitcoin and cryptocurrency. The report is so rosy that the authors of the report even called the cryptocurrency "gold mine for institutional investors." As evidence, experts cite statistics. So, from the beginning of 2016, the funds invested in cryptoactive assets increase to $ 7.11 billion. This type of activity is characteristic of hedge funds, private investment companies, and venture capital.

    The main type of assets in this type of investment is Bitcoin, it has gone from a currency for geeks to a global product that is interesting to everyone.

    Cryptocurrency Law in Russia

    Finally, the State Duma plans to pass laws on cryptocurrencies and related elements by the end of this year. In March, three bills were immediately introduced, which are designed to create regulation in the field of the digital economy. According to the chairman of the Duma committee on the financial market, Anatoly Aksakov, the laws need to prescribe only “digital rights that individuals can acquire, and only individual entrepreneurs and legal entities can issue tokens”.

    Until we come to a common denominator. Until the end of the year we plan to adopt, I expect that this year we will pass laws
    - declared Aksakov.

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