Interpretation of crypto-assets and taxation specificity of digital assets in developed countries and Russia

The article explores various types of crypto-assets and justification of differentiated regime for their regulations. The purpose of the article is to determine the main economic and legal approaches of interpreting crypto-assets and identify the features of taxation of various types of crypto-assets in developed countries and Russia. Drawing on economic and functional features of crypto-assets, the study offers the classification of virtual assets. Having analyzed various approaches to crypto-assets tax regulation in the UK, Switzerland and Singapore, the authors determine the specificity of crypto-assets taxation and offer recommendations for crypto-assets taxation in Russia. The paper concludes that in countries where regulatory authorities make a clear distinction between different types of crypto-assets the taxation of virtual assets is also differentiated. A differentiated approach to taxation of crypto assets in Russia seems to be most promising since it encourages the development of certain segments of crypto asset market and offers a clearer mechanism for tax control over the turnover of crypto assets in the country.