Russia to include crypto into its tax code: Here is what the rules might look...
Amendments to the tax code have passed the first round of parliamentary consideration in February. In the last few months, the standoff between the Central Bank of Russia (CBR) and the country’s Ministry of Finance over crypto regulation has become the key regulatory plot for the Russian crypto community to follow. Simultaneously, however, another important legislative development has been unfolding somewhat under the radar: negotiations around tax code amendments that would make cryptocurrencies a taxable asset class. Here’s how it went down so far.13% for individuals and 20% for....
Related News
The Russian Ministry of Finance has developed new amendments to the country’s cryptocurrency regulation. The proposal outlines a new set of rules for crypto owners, exchanges, and miners, as well as penalties for undeclared crypto transactions. Russia’s New Crypto Regulation Russia’s Ministry of Finance has proposed new amendments to the country’s law on digital financial assets that will go into effect in January, Russian business newspaper RBC reported Thursday. Cryptocurrency owners, both individuals and organizations, will be required to report their crypto....
Authorities in Russia are discussing two very different approaches to the regulation of cryptocurrencies and related activities. While the Bank of Russia is reportedly seeking to introduce a ban on buying crypto assets, lawmakers are moving forward with efforts to adopt rules for mining, exchange, and taxation that would effectively legalize cryptocurrencies.
Russian Officials Debate Over Alternative Crypto Regulations
Russian institutions, including the central bank and the lower house of parliament, the State Duma, are mulling over how to put the country’s growing....
Ukraine has imposed new rules restricting the Fiat usage, which in return would help boost the crypto economy. The National Bank of Ukraine had introduced certain new rules due to change in the country’s financial fundamental situation due to the ongoing military war with Russia. NBU has now devalued Hryvnia against the US dollar by […]
Come 2018, Russia could recognize bitcoin and other cryptocurrencies as authorities seek to enforce rules against money laundering to essentially monitor all bitcoin transactions. Rounding off a significant turn from the authoritarian stance toward bitcoin in Russia, Deputy Finance Minister Alexei Moiseev has now talked about acknowledging bitcoin and cryptocurrency in a legal capacity in 2018. In quotes reported by Bloomberg, Moiseev revealed the Russian state’s intention to include bitcoin transactions in Russia under its purview, hinting toward possible regulations of the bitcoin....
With the EU, US, and other countries imposing financial sanctions on Russia, there have been concerns that individuals and organizations in the country will resort to crypto to circumvent the restrictions. US Sanctions Will Include Digital Assets With effect from March 1st, the US Treasury Department said that recent sanctions against Russia will include checks […]