Skip to main content

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.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin
Post a Comment
Read more

MSP Recovery and Tokenology aim to optimize healthcare with the help of Polygon

  MSP Recovery LLC, a Miami, US-based healthcare provider with an estimated enterprise value of $32.6 billion, is partnering with Web3 company Tokenology to jointly launch a new blockchain platform called Lifechain. Lifechain wants to leverage the verifiable and transparent nature of blockchain technology to aggregate medical care claims, medical expense reports and patient data and streamline their processing. For this purpose, MSP Recovery launched its own LifeWallet in January, which already has 1 million users. In addition to the wallet and blockchain platform, an associated crypto token called LifeCoin is also used. The press release explains that the primary purpose of the system is to enable secondary healthcare providers to more effectively bill health insurance companies for their costs. “The number of medical claims tokenized going forward will surpass $50 million per day by 2024. For this we need scalability, security and sustainability, which we have only found with Polygon
Post a Comment
Read more

British financial regulator criticizes cooperation between Binance and Paysafe

  The British financial regulator FCA has expressed concerns about the partnership between market-leading crypto exchange Binance and payment service provider Paysafe. As the British regulator complains, the partnership gives Binance access to the influential British payment network Faster Payments Service (FPS), from which the crypto exchange was previously cut off. Last June, the FCA ordered Binance to stop all business activities in Great Britain. As a result, prominent banks such as Barclays have terminated their cooperation with the leading crypto trading platform . Through the cooperation with Paysafe, Binance can now again offer deposits in British pounds sterling and transactions within the European Payments Area (SEPA). However, this fact is a thorn in the side of the FCA, as it classifies the crypto exchange as a “considerable risk factor”. However, the financial regulator sees little room for maneuver to counteract this, as the Financial Times reports . “ Paysafe understands
Post a Comment
Read more