Russian Government Passes Bill on Crypto Taxes
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Nov. 30, 2020

The Russian government has just passed a bill to regulate the taxes applicable to cryptocurrencies. The following decision has been reported on the website of the Cabinet of Ministers:

"Approval of the draft federal law 'On Amendments to Parts One and Two of the Tax Code of the Russian Federation' and submission to the State Duma in accordance with the established procedure."

The country's Prime Minister Mikhail Mishustin has recently said interest in cryptos is steadily growing, so the Russian government plans to direct their development in a "civilized" direction. According to Mishustin, "digital financial assets will be recognized as property, and their owners will be able to count on legal protection in case of any illegal actions, as well as defend their property rights in court."

The regulation of cryptocurrencies in Russia will come into force on January 1, 2021. In summer, the country's president Vladimir Putin signed the Law on Digital Financial Assets, which defines digital currencies and prohibits their use to pay for goods and services.

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