Russian Government Eyes $13 Billion in Taxes From Crypto Economy
Authorities expect to collect more than $13 billion as tax payments from the crypto market in Russia, according to a government document quoted by media. The estimate comes as Russian institutions are holding discussions on the future of cryptocurrencies in the country. One Trillion Rubles to Enter State Coffers in Russia as Crypto Taxes, Analysts Say While ministries and regulators are debating over Russia’s future crypto policy, a document leaked to the press has provided details about the conversations. Sources recently quoted by Bloomberg revealed that, according to an estimate....
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Cryptocurrency mining should be recognized as an entrepreneurial activity under Russian law and taxed accordingly, representatives of key ministries in Moscow and the parliament have indicated. Officials believe the regulatory move would benefit both the state and the crypto industry. Russian Government to Collect Millions of Dollars in Taxes After Legalizing Crypto Mining While the law “On Digital Financial Assets” — which entered into force in January this year — regulates certain crypto-related activities such as “digital currency issuance,” it....
Many crypto exchanges with Russian roots have fled the country or operate illegally, Blockchain Life's founder said. The Russian cryptocurrency market has grown to hundreds of billions of dollars despite the absence of sufficient cryptocurrency regulation, according to a major industry executive.Sergei Khitrov, founder of the Russian cryptocurrency event Blockchain Life, gave a keynote speech on the state of cryptocurrency regulation in Russia at the VII Blockchain Life Forum in Moscow on Oct. 27.Based on his own industry insights and knowledge of the market, Khitrov estimated the Russian....
The remarks came at a time when the country's crypto regulatory framework remains underdeveloped. On Tuesday, Vladimir Putin, President of the Russian Federation, voiced his criticism at the "Russian Calling" investment forum in Moscow. According to local news outlet lenta.ru, the president made the following remarks, as translated by Cointelegraph:"It is not backed by anything, [and] the volatility is colossal, so the risks are very high. We also believe that we need to listen to those who talk about those high risks."Putin called for the greater monitoring and regulation of....
Russians reportedly hold about $130 billion in cryptocurrency but the government is yet to adopt crypto legislation. The Russian prime minister declared that the cryptocurrency holdings of Russians are worth billions of dollars but the government is yet to adopt a regulatory framework for the industry.Russians collectively hold more than 10 trillion rubles ($130 billion) in cryptocurrencies like Bitcoin (BTC), Russian prime minister Mikhail Mishustin claimed at the annual report presentation of the Russian government on Thursday.The prime minister did not mention the source for this....