• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Russia To Soon Tax Profits Acquired By Trading Crypto
Russia

Russia To Soon Tax Profits Acquired By Trading Crypto

February 17, 2021 by Sahana Kiran

The surge in the value of cryptocurrencies has alarmed a few countries like India. But countries like Russia seem to be steering towards the industry by regulating digital assets. The country has been portraying itself as a crypto-friendly country for quite a while now. With an array of investors diving into the business, the government intends to tax the benefits acquired from trading crypto.

The Russian State Duma recently revealed that a bill pertaining to the taxation of crypto was approved.

Russia Now Recognizes Crypto As Property

The draft bill issued by the Russian Federation to tax cryptocurrencies like Bitcoin [BTC], Ethereum [ETH], and the others received a thumbs up from the Committee on State Building and Legislation of Duma. The bill which was approved on 15 February 2021 helped crypto assets in being perceived as property in the country. This would mean that all the profits garnered by the citizens of Russia from trading crypto would be taxed.

With the crypto industry currently valued at a high of $1.54 trillion, several have started trading different cryptocurrencies. However, Russians would have to deal with taxes only if their yearly transactions exceed $8,100 or 600,000 rubles.

The announcement further read,

“The authors of the bill point out that cryptocurrency is often used for tax evasion, money laundering and financing illegal activities. And now the tax authorities do not have information about cryptocurrency wallets opened by Russian legal entities and citizens of the Russian Federation and the operations carried out on them.”

Furthermore, pointing out the repercussions of avoiding these taxes or providing false information pertaining to their crypto transactions, the bill announced a 40% fine on the former and a 10% fine on the latter.

While this seems to be taking off, the central bank digital currency [CBDC] aka the digital ruble of the country could be gaining momentum. Prominent wireless service platforms of the country, MegaFon as well as Beeline are reportedly considering including the digital ruble wallets on to the phones of the citizens of the country.

Filed Under: News, Fintech, World Tagged With: Russia

Primary Sidebar

Recent Posts

  • Binance Coin [BNB] Accommodates The Bulls For The Time Being March 4, 2021
  • Turkey Urges Local Regulators To Probe The Crypto Market March 4, 2021
  • Tron’s [TRX] Sways In Favor Of Buying Side March 4, 2021
  • Ethereum Makes A Debut On Amazon’s Blockchain Service March 4, 2021
  • Shark Tank’s Kevin O’Leary Is The Latest Shark To Jump Onto The Bitcoin Bandwagon March 3, 2021


Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2021 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.