Russians Have To Pass Test to Purchase Over $600 in Crypto Every Year

Russians Have To Pass Test to Purchase Over $600 in Crypto

The Russian Ministry of Finance has filed to the government an amended version of its law “On Digital Currency,” which aims to regulate the country’s crypto market completely.

Qualified investors, or “professional purchasers of digital currency,” as they are currently known, would have unrestricted access to crypto assets, according to the draft. Ordinary Russians, on the other hand, will be limited to purchasing a maximum of 600,000 rubles ($7,000) in bitcoin every year. That is, once they have passed a specific exam.

Those who fail the test will be limited to purchasing tokens with a total worth of no more than 50,000 rubles per year (about $600 at current exchange rates), according to the Interfax news agency, which cited a source familiar with the document.

The word “digital currency” is defined in the new law as “a set of electronic data contained in an information system that can be accepted as a means of payment that is not the Russian Federation’s monetary unit, or as an investment.” According to the report, digital money is considered property in the country.

However, the bill states that Russian legal entities, such as subsidiaries of foreign companies and international organizations based in Russia, as well as individuals who have spent at least 183 days in the country in the previous 12 months, are not permitted to accept digital currency as payment for goods and services.

Crypto-Related Tax Law in Russia will be reviewed by Russian Deputies

The Russian federal government has proposed a draft law to the State Duma establishing guidelines for the taxation of cryptocurrency transactions. The law will make required changes to the country’s tax legislation in order to address a number of unanswered concerns.

The application of value-added (VAT) tax is one of the issues. According to the authors, VAT should be paid on services provided by operators of platforms issuing or trading digital financial assets (DFA), which in current Russian legislation includes cryptocurrencies.

According to Forklog, the tax base for “digital rights,” another legal definition that includes security and utility tokens, will be decided by the difference between the token’s sale and acquisition price.

Russian entities that possess tokens will be taxed at a rate of 13% on their digital rights’ revenues, while international firms will be taxed at a rate of 15%. By February 1 of the following year, issuers of digital financial assets will be required to file tax reports on the parties involved and the transactions performed during the current year.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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