Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

The government of the Russian Federation has submitted a draft law to the State Duma introducing taxation rules involving crypto transactions. The bill would introduce necessary amendments to the Russian tax code by imposing VAT on services provided by operators of platforms that issue or exchange digital financial assets (DFA). Russian entities that own tokens would pay 13% of their digital rights income, while the tax rate for foreign companies would be 15%. Issuers of digital financial assets will be obliged to submit tax reports on the current year's participants and transactions by February 1 next year. In addition, the Russian government is preparing to submit a new draft law on "digital currency", which will be submitted to the Cabinet of Ministers by the Ministry of Finance. The ministry is a proponent of legalizing cryptocurrencies, while the Bank of Russia is against them.