Russia Goes Bullish On Cryptocurrencies

April 20, 2022

Darko Simunovski content is written in English. Translations into other languages are automated and there may be minor text errors.

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As well as laying the legal foundation for the circulation and issuance of cryptocurrencies, the draft bill also introduces requirements for entities who want to open digital asset businesses in Russia.

The draft law says that digital currency can be accepted

The bill recognizes further cryptocurrencies as legally accepted investments and outline the requirements for companies that intend to conduct digital asset business.

An exchange operator must have a minimum working capital of $36 million to be granted a working license. For investors who wish to earn money from trading virtual currency, it is worth taking into account the minimum amount of money to invest, which is usually a hundred million rubles (or $120 million).

The law has put the two operators under stringent rules, including the preparation of annual reports, the requirement of independent management bodies, internal audits, and controls as well as the creation of a separate structural unit. Some of the rules that are in place are considered inconvenient and detrimental to cryptocurrency operators. According to the report, this new law will charge Russian businesses 13% income tax on all revenues, regardless of their country of residence, while for foreign companies it will apply a 15% income tax on revenues derived from operations in Russia.

Despite the Central Bank of Russia’s tough stance against cryptocurrencies, recent reports indicate that the tide may be shifting under Vladimir Putin’s administration.

Countries are moving toward fast-tracking cryptocurrency regulations, which is viewed as a step in the right direction for a country that controls the third-largest hash rate of the global bitcoin network.

Any crypto-friendly legislation brings positive outcome for the economy that could spark a legitimate nation-state FOMO into cryptocurrencies/digital assets.

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