Legislators in Russia have approved a draft bill that proposed tax exemption for issuers of digital assets and crypto. The draft bill also addresses issues like new tax rates on earnings through the sale of such assets.
As per reports, the draft bill has been approved by State Duma members. The bill proposes exemptions on value-added tax for both the issuers of digital assets and information systems operators.
Note that the current rate on transactions is 20% which is the same as for standard assets. With the new law, the tax would be 13% for Russian firms and 15% for foreign firms.
The draft will need further review by the upper house and must be eventually signed by President Vladimir Putin to become a national law.
Russia has had an apprehension over cryptocurrencies’ and other digital assets, However, the central bank recently showed positive signs of a ‘mind-change’ with its consideration of using crypto for international trade payments.
Also read: New Bill Imposes Fine on Illegally Issued Digital Assets in Russia
