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Russia introduces tax breaks for Bitcoin

 


Russia May Check Crypto Regulation Again Because on June 28, the State Duma passed a law on the taxation of Bitcoin and other digital assets in the second and third reading.


The law includes several innovations that could benefit the adoption of cryptocurrencies in sanctions-ridden Russia. It envisages exempting publishers of digital assets from VAT in the future. A similar exemption is also planned for the operators of information systems on which the crypto services are based.


New income tax for Bitcoin and Co.

The law passed by the State Duma also includes a new regulation of the rates for income tax on profits made from the sale of Bitcoin and Co. While the law previously provided for a flat rate of 20 percent, a more differentiated approach will take effect in future.


Because domestic crypto companies will soon pay 13 percent tax on crypto profits on the first 5 million rubles (about 90,000 euros) generated annually. From the amount, a tax rate of 15 percent applies, which generally applies to foreign companies.


Before the law takes effect, it still has to be passed by the Russian Federation Council and President Putin. The state-owned news agency Ria News explained the motivation behind the crypto tax law as follows, citing government circles:


The need to establish a separate taxation procedure for activities involving such digital assets is one of the most important prerequisites for the effective functioning of the digital economy, the full implementation of digital projects and the development of a competitive digital rights market in the Russian Federation.


Russia in crypto fever

The tax law, meanwhile, is just one pillar of the Kremlin’s new crypto strategy. Since the war of aggression against Ukraine began, Russia has been subject to increasing economic isolation. Many Russian banks have been banned from the international payment network SWIFT.       


While the Russian central bank was still pleading for a far-reaching ban on Bitcoin and Co. in January, Russia has increasingly relied on the integration of cryptocurrencies into its own financial system since the beginning of the war. For example, the State Duma is planning a set of rules for crypto mining. A comprehensive regulatory framework for the crypto industry and trading in crypto currencies is also in the works.


Meanwhile, rumors about the legalization of crypto payments for domestic services and goods have not materialized. A law put a clear stop to this in mid-June . Nevertheless, Russia could use Bitcoin and other digital currencies to process foreign payments. Representatives of the government and central bank repeatedly brought this possibility into play.


In addition, the state-owned company Rostec is working on a blockchain-based payment infrastructure. This is positioned as an alternative to the SWIFT system. The future will thus show whether blockchain and cryptocurrencies will tip the scales that will save Russia from total state bankruptcy.

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