#CryptoMarketsDipSlightly

The draft law on the taxation of digital financial assets (CFA) and cryptocurrencies will be submitted to the State Duma next week, according to a statement by Aleksey Yakovlev, director of the Russian Ministry of Finance department, who spoke at the "Alpha Summit." These are amendments to the Tax Code, approved by the government commission on Monday, April 27.
This is one of the "satellite" draft laws related to the main project on regulating the crypto market in Russia ("On Digital Currency and Digital Rights"). Previously, the adoption of tax amendments concerning digital assets was announced on Radio RBC by First Deputy Chairman of the Central Bank Vladimir Chistyukhin.
"Just yesterday, legislative initiatives on tax regulation were reviewed by the government’s legislative activity commission. They will be submitted to the State Duma next week," Yakovlev said.
According to the proposed initiatives, profitable cryptocurrency transactions will be subject to personal income tax (PIT) similar to how investors are taxed on income from securities. Cryptocurrency exchanges and depositories will face profit tax but will be exempt from VAT.
A week ago, the State Duma adopted in the first reading the draft law "On Digital Currency and Digital Rights," which establishes rules for cryptocurrency circulation and defines market participants. The document prohibits operations with cryptocurrencies without regulated intermediaries, and for organizations conducting cryptocurrency transactions (exchanges, trading platforms, depositories), licensing will be required.
At the "Alpha Summit," Elvira Nabiullina, head of the Bank of Russia, also spoke. She reiterated that the regulator still considers cryptocurrencies risky assets and opposes their use in domestic settlements.