Russian Government Passes Draft Bill on Bitcoin Taxation

[magneto]

Well, I'd consider this pretty good news for Russian crypto enthusiasts.

It is completely unrealistic to expect authorities to treat bitcoin as some sort of tax haven. A mature tax code where holding BTC is non-taxable and a reasonable CGT is charged should be welcomed.

Also implementing a mechanism to avoid double taxation on BTC as both a good and an asset (VAT + CGT) is essential as well - though I'm not too sure about whether or not this is already an element included in the proposed bill.

[1714120661]

1714120661

[1714120661]

1714120661

[1714120661]

1714120661

[1714120661]

1714120661

[zasad@]

You are joking?
You can have cryptocurrency in Russia
Next is the funniest thing: you cannot sell this cryptocurrency (these operations are allowed only through accredited organizations that do not exist yet)
You cannot pay for goods and services with cryptocurrency
You cannot advertise cryptocurrencies and cryptocurrency projects.
That is, access to work with cryptocurrencies is planned through accredited intermediaries
WTF
Under such conditions, the cryptocurrency market will remain in the shadow zone.

[Streets 2.0]

The cryptocurrency market in Russia, whatever the outcome of this story, will be mostly in the shadows. This is Russia, where the severity of laws is compensated by the non-binding nature of their implementation. So the Russians themselves joke. This means that this will also apply to cryptocurrencies. It is unlikely that the Russians, instead of liberalizing this market, will follow the path of prohibitions and restrictions. It's not like them at all! ; D; D

[Argoo]

So they will recognise crypto as property. In short, you will have to report all transactions (buying and selling) if they exceed $8000 per year. If you are late in reporting you pay extra 10 % fee and if you fail to report your fined with 40 %. Long term holdings are not taxed.

At the same time, according to the law on digital assets that has already been adopted and entered into force, it is prohibited in Russia to make any transactions in cryptocurrency. You can store it, but it is forbidden to perform any actions with it. However, if the amount of such prohibited transactions, according to the new bill, exceeds 600,000 rubles, that is, now about 8,130 dollars, then you will have to pay tax. Very original regulation of cryptocurrency.

[acquafredda]

They got the ball rolling at some point, when the bill is confirmed by the Duma, it will create a precedent for other countries too. The part which leaves the holders alone looks fine but there must be at an invisible trick behind it. Now, comments and amendments must be made by March 18th. I am very curious and will keep this monitored. Thanks  zasad@ and all the others who contributed here.

[Streets 2.0]

Property tax in Russia is not as high as in some European countries. So if legalization goes along the path of a massive exit from the shadow of cryptocurrency owners, it is good, no matter what the law is. Another thing is that this law is no longer included in the list of "important" or "red" laws that go through all stages in parliament quickly and without problems. The discussion continues ...

[Vishnu.Reang]

You are joking?
You can have cryptocurrency in Russia
Next is the funniest thing: you cannot sell this cryptocurrency (these operations are allowed only through accredited organizations that do not exist yet)
You cannot pay for goods and services with cryptocurrency
You cannot advertise cryptocurrencies and cryptocurrency projects.
That is, access to work with cryptocurrencies is planned through accredited intermediaries
WTF
Under such conditions, the cryptocurrency market will remain in the shadow zone.

Compared to what we have in India, I would prefer the option given by the Russian lawmakers at any point of time. Obviously their legislation is not perfect as what they have in Japan or South Korea. But at least the trade and ownership of cryptocurrency is not a criminal offense (here in India we are facing a real possibility of the authorities making ownership of Bitcoin a criminal offense). Be happy with what you got. Because people like me are in much worse position right now.

[zasad@]

You are joking?
You can have cryptocurrency in Russia
Next is the funniest thing: you cannot sell this cryptocurrency (these operations are allowed only through accredited organizations that do not exist yet)
You cannot pay for goods and services with cryptocurrency
You cannot advertise cryptocurrencies and cryptocurrency projects.
That is, access to work with cryptocurrencies is planned through accredited intermediaries
WTF
Under such conditions, the cryptocurrency market will remain in the shadow zone.

Compared to what we have in India, I would prefer the option given by the Russian lawmakers at any point of time. Obviously their legislation is not perfect as what they have in Japan or South Korea. But at least the trade and ownership of cryptocurrency is not a criminal offense (here in India we are facing a real possibility of the authorities making ownership of Bitcoin a criminal offense). Be happy with what you got. Because people like me are in much worse position right now.

Why did you decide that the Russians are unhappy?
A lot of things are prohibited in Russia, but if you need it, then you can make an inquiry on the Internet and buy it.
Therefore, no matter what the legislation on cryptocurrencies in Russia will be, the shadow market will work.

The lack of adequate legislation or a complete ban will lead to a technological lag behind other countries.
This is something to worry about.

[Streets 2.0]

If you watch the news from Russia or the first news resources both on television and on radio and the Internet, you will be surprised! There is practically nothing to do with this topic. The news as it appeared and passed, under the avalanche of more important news. I think all this will be relevant only when the foreign policy situation for the Russian Federation becomes better - and there is very little hope for this. So if you live in Russia - do not worry and calmly engage in investments, cryptocurrency mining and so on. The government is now not up to this, they have other priority tasks.