Fun

Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

News Feed - 2022-04-18 01:04:02

Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market for digital assets. Russian Deputies to Review Law on Crypto-Related Taxation


The federal government of Russia has submitted to the State Duma a draft law introducing rules for the taxation of transactions involving cryptocurrencies. The bill will make the necessary amendments to Russia’s tax code to answer a range of outstanding questions.


One of the aspects is the application of value-added tax (VAT). According to the authors, VAT should be levied on services provided by operators of platforms issuing or exchanging digital financial assets (DFA), a term encompassing cryptocurrencies in current Russian law.


The tax base for “digital rights,” another legal definition that covers security and utility tokens, will be determined as the difference between the sale and acquisition price of the token, Forklog reported, quoting the document.


Russian entities owning tokens will pay 13% of the revenues from their digital rights while the tax rate for foreign companies will be 15%. The issuers of digital financial assets will be obliged to file tax reports on the parties involved and the transactions made during the current year by Feb. 1 of next year.


The law will not affect Russians holding cryptocurrencies, Andrey Tugarin, managing partner at the law firm GMT Legal, told the crypto news outlet. He explained that the bill concerns only the market for digital financial assets and digital rights. The tax regime it introduces mirrors the one applicable to the securities market.


Parallel to the tax bill, the Russian government is also preparing to file a new draft law “On Digital Currency,” recently revised and submitted to the cabinet by the Ministry of Finance. The department is a proponent of the legalization of cryptocurrencies while the Bank of Russia opposes it.


Expectations are that the two pieces of legislation will both be adopted during the spring session of the State Duma. They will complement the law “On Digital Financial Assets,” which went into force in January 2021 and only partially regulated the country’s crypto sector, to establish a comprehensive legal framework for cryptocurrencies. Tags in this story bill, bills, Crypto, Cryptocurrencies, Cryptocurrency, Digital Assets, draft law, draft laws, Government, Law, Laws, Legislation, parliament, Regulation, Regulations, Russia, russian, State Duma, Tax, Taxation, Tokens


Do you expect Russia to quickly adopt the new crypto laws? Let us know in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Indonesian Government Sets Crypto Tax at 0.1% to Be Levied Starting in May TAXES | Apr 4, 2022 Colombian Tax Authority Warns About Consequences of Not Declaring Crypto Related Taxes TAXES | Apr 3, 2022


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Next articleToday’s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Show comments More Popular NewsIn Case You Missed ItUS Bond Markets Signal Economic Downturn, Trend Forecaster Says if War Ensues "Odds of Recession Increase"


As Americans continue to deal with rising inflation, on Tuesday the spread between 2-year and 10-year Treasury yields inverted, signaling the U.S. economy may be headed for a recession. This week, a myriad of financial reports have noted that the ... read more.NFT Marketplace Opensea to Add Credit Card, Apple Pay Support via Moonpay Leading NFT Marketplace Opensea to Add Solana Support in April India"s Crypto Trading Volume Plummets as New Tax Rules Enter Into Force With Over 90% of BTC"s Supply Issued, Bitcoin"s Mining Difficulty Reaches a Lifetime High

News Feed

Rakesh Upadhyay5 hours agoPrice analysis 8/2: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOTBitcoin is witnessing a strong battle between the bulls and the bears, with the sellers currently holding a slight edge.213
Argentinian Province Mendoza Starts Accepting Tax Payments in Crypto
Argentinian Province Mendoza Starts Accepting Tax Payments in Crypto Mendoza, an Argentinian province, has implemented a system that allows taxpayers to pay their taxes fully with
World’s largest Bitcoin miner announces $250M raise to buy more Bitcoin
Zoltan Vardai12 hours agoWorld’s largest Bitcoin miner announces $250M raise to buy more BitcoinThe new raise is part of Marathon’s strategy to go “full hodl” and make Bitcoin a strategic reserve asset for the co
Cleanspark Reveals Texas Expansion — Bitcoin Miner Plans to Add 500 MW of Mining Power
Cleanspark Reveals Texas Expansion — Bitcoin Miner Plans to Add 500 MW of Mining Power Bitcoin miner Cleanspark has revealed the company is expanding operations in Texas with up
Prashant Jha12 hours agoCircle admitted by judge as amicus curiae in SEC vs. Binance lawsuit: ReportThe orders to pass the pending motion come just a day before the key hearing between Binance and the SEC on Oct. 12.2948
‘Being a Currency and a Security Are Not Contradictory,’ Crypto Can Be Both: Monetary Historian
"Being a Currency and a Security Are Not Contradictory," Crypto Can Be Both: Monetary Historian Franklin Noll, an academic and monetary historian, has asserted that crypto can be b
Chainlink Hits $13.5 For The First Time Since July – Smart Money Accumulation?
Este artículo también está disponible en español. Chainlink (LINK) has surged impressively over the past few days, breaking above the critical $13 resistance level and po
Tom Blackstone7 hours agoUSDC issuer Circle launches MPC wallet beta for Ethereum, Polygon, AvalancheThe stablecoin issuer launched a service and API that allows developers to create customized wallets for their users.13
French regulator warns investors Bybit provided services ‘illegally’
Turner Wright4 hours agoFrench regulator warns investors Bybit provided services ‘illegally’The Autorité des Marchés Financiers reported Bybit has been blacklisted since May 2022 “for non-compliance with current
SUI Shows Strong Bullish Comeback: Breakout Above $4.98 In Sight
Este artículo también está disponible en español. SUI has shown a remarkable bullish comeback, overcoming earlier setbacks with impressive strength. The cryptocurrency ha
XRP Open Interest Has Surged 36% In Two Weeks – Is Momentum Building?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
A16z Launches $600 Million Web3 Gaming Focused Fund
A16z Launches $600 Million Web3 Gaming Focused Fund A16z has launched a new fund that seeks to invest $600 million in gaming experiences including Web3 and metaverse. The fund, whi