Russia Introduces Taxes on Cryptocurrency

The website of the Russian regulator states that the sphere of cryptocurrencies taxation requires certainty

Tax authorities should have a clear understanding of how many wallets with cryptocurrencies citizens have and the legal entities of the Russian Federation. What transactions are carried out.

To this end, cryptocurrency in Russia is equated to property, and will levy taxes on digital currencies, according to the current legislation.

The new bill will be considered by the Duma tomorrow. It states that exchanges will have to report on cryptocurrency transactions if their volume from one account exceeds 600,000 rubles or 8.1 thousand dollars.

The law applies to all those who live and work in Russia and citizens of the Russian Federation and foreigners. The law also applies to domestic and foreign organisations established in Russia.

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