Crypto And Digital Assets Issuers Are Exempted From VAT In Russia Now
Russia has approved a draft bill that exempts cryptocurrency issuers from Value Added Tax (VAT). This move is to further strengthen its pro-crypto stance through its legislation. The lower house of Russian legislature, The State Duma has passed this bill. Reportedly, some other services related to the crypto exchanges shall also fall under exemption. The […]
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Sberbank, Russia’s largest bank, has been authorized by the country’s monetary policy regulator to issue digital financial assets. The move comes amid tightening Western sanctions over the war in Ukraine, including limiting Moscow’s access to the global financial market.
Sberbank Added to Central Bank’s Register of Crypto Asset Issuers
The Central Bank of Russia (CBR) has added Sberbank, the country’s leading banking institution, to its register of information system operators permitted to issue digital financial assets (DFAs). The term is used....
Europe is one step closer to getting a concrete legal framework for digital finance. The European Commission is moving to provide more legal clarity and certainty for the cryptocurrency industry in its member states.On Sept. 24, the EC officially adopted a new digital finance package including digital finance and retail payments strategies, as well as legislative proposals on crypto assets. The EC said that the new package represents the first time that the authority proposed new legislation on crypto assets.As part of the new legislative proposals, the EC pays special attention to....
The Central Bank of Russia has reaffirmed its opposition to cryptocurrency investments citing the volatility of the digital assets as a key motive for its conservative stance. Governor Elvira Nabiullina has recently indicated that the regulator has the means to restrict them.
Nabiullina Insists Bank of Russia Can Limit Investments in Crypto Assets
Russia’s monetary authority does not welcome investments of Russian citizens in cryptocurrencies, the head of the Central Bank of Russia (CBR), Elvira Nabiullina, said during an online press conference this week. She highlighted....
Russia is turning to blockchain technology in an effort to counteract the economic isolation brought on by the sanctions imposed due to its invasion of Ukraine. The State Duma, the lower house of the Russian legislature, has passed a bill on the taxation of digital assets that exempts their sale from value-added tax (VAT) in the Russian Federation. Some other services of digital asset exchanges will also be exempted, according to state-run news service RIA Novosti. In addition, the bill established income tax rates of 13% for Russian exchanges on the first 5 million rubles (currently about....
Russia's Central Bank has released a report on digital assets which looks at how the technology could be integrated into its traditional financial system. The Central Bank of Russia (CBR) is looking at ways to integrate crypto assets and blockchain technology into its local financial system amid a pile-on of global financial sanctions.In a Telegram post by the CBR on Nov. 7, the central bank shared a public consultation report titled "Digital Assets in Russian Federation." It considers how the sanction-hit state may possibly open up its domestic market to foreign issuers of digital assets....