Russia is making progress on its crypto bill, with the Ministry of Finance requesting public input by the middle of next month to improve the regulation of digital assets.
A earlier notice titled “On Digital Currency” from the ministry will elaborate on a public consultation to:
1 – Set regulatory rules for the cryptocurrency bill
2 – Pique interest from businesses, corporations, citizens and legal entities
According to the second notification, the consultation may be followed by another for the required revisions to various federal laws relating to digital currency.
The bill’s draft has not yet been made public as of this writing. Nonetheless, Russian Finance Minister Anton Siluanov expects the public discussions on the cryptocurrency bill to be completed by March 18.
It could be issued in a few weeks, according to a ministry official. “There are various steps to the public discussion procedure. We are currently in the process of telling people about the start of development.”
Because of the perceived risks to financial stability, the Bank of Russia had previously opposed cryptocurrency trade and mining.
However, with the finance minister adamant about its implementation, Russian President Vladimir Putin has urged the public to reach an agreement.
Rather than outright banning it, Siluanov proposes regulating the already-existing digital token business so that the government can keep track of it while allowing it to contribute to the country’s capital growth.
Russia stands to benefit greatly from crypto taxes on realized gains on deposited and withdrew fiat assets.
According to a government document, analysts estimate that the country may earn more than $13 billion in tax payments from the crypto market.
Russia’s Big Money In Crypto
Taxes in the crypto business can be collected in two ways, according to economists: as levies on legal companies. That’s, such as exchanges and service providers, or as taxes on investments.
They expect to earn between 90 and 180 billion rubles each year from legal and licensed crypto trading sites. Then, as well as roughly 606 billion rubles in income taxes.
According to a Bloomberg article, Russians currently own over 16.5 trillion rubles in cryptocurrencies, which amounts to roughly $215 billion.
Russia controls around 12% of the global crypto economy, but with the industry’s legality, the country’s growth potential is limitless.
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