The Russian government has reportedly submitted a draft law to the State Duma that introduces rules for taxing transactions involving cryptocurrencies. Citing the document, Forklog reported that the tax base for “digital rights,” another legal definition that covers securities and utility tokens, would be determined as the difference between the token’s sale and purchase price. Russian entities that own the tokens will pay 13% of their digital rights income, while foreign companies are taxed at 15%. Issuers of digital financial assets will have until February 1 next year to file tax reports on the parties and transactions for the current year. Alongside the tax bill, the Russian government is also preparing to submit a new draft law “On Digital Currency,” which was recently revised by the Ministry of Finance and presented to the cabinet. The sector is a proponent of the legalization of cryptocurrencies, while Russian banks are opposed. Both pieces of legislation are expected to pass during the Spring Session of the State Duma. They will complement the Digital Financial Assets Act, which comes into effect in January 2021, which only partially regulates the country’s crypto industry to create a comprehensive legal framework for cryptocurrencies
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