The House of Representatives of the Russian Federal Assembly approved a bill on June 28 that could exempt cryptocurrency issuers. Value-added tax (bat).
Sanctions hurt “unfriendly countries” more than Russia
Decision to reduce Russia from SWIFT system It put pressure on Russia’s financial system in late February.
However, there is increasing evidence that sanctions are further damaging “unfriendly countries,” especially with restricted supply of oil, gas and wheat.
In addition, Russia is by default $ 100 million On June 27, interest on international bonds will be paid for the first time in over 100 years. The Kremlin said there was a way to meet its obligations thanks to its oil and gas income.
The Treasury added that it fulfilled its obligations by depositing money at the National Settlement Vault (NSD) on land. However, sanctions have blocked payments to recipients, and Kremlin spokesman Dmitry Peskov said, “It’s not our problem.”
Russia looks at cryptocurrencies
Before the dispute with Ukraine began on February 24, Russia took a tough approach to cryptocurrencies. In December 2021, the Central Bank of Russia issued a report warning of risks associated with digital assets and proposed a complete ban.
However, after the invasion, Russian authorities regained their hardline position and embraced the crypto sector. At the same time, there have been many moves in favor of cryptocurrencies, such as using Bitcoin to sell oil and gas to friendly countries and legalizing cryptocurrency mining.
More recently, Ivan Chebeskov, head of Russia’s monetary policy department, has suggested that Russia can use cryptocurrencies to settle international payments.
Proposed bill VAT tax exemption For crypto issuers, it’s the latest move triggered by the ongoing situation.
“VAT exemption for issuers of digital assets and information system operators involved in the issuance.”
It also sets a more favorable tax rate on the income earned through the sale of cryptocurrencies. The current tax rate for such transactions is 20%. However, under the proposal, the new rate will drop to 13% for Russian companies and 15% for foreign companies.
The bill must be approved by the Senate of Parliament and agreed by President Putin before the bill can be passed.
