The Russian lawmakers have approved the Russian crypto draft law that exempts crypto from value-added tax, as well as any digital assets issued.
The move is clearly aimed at easing the impact of western sanctions on the country’s financial system. The legislation was also passed in the second and third rounds of discussion on Tuesday.
In addition to tax rates, there is also concern about the stability of cryptocurrencies and other digital assets. Atomyze Russia has been granted the first license from the regulator to replace digital assets in February.
The western sanctions have hit the country’s financial system over events in Ukraine; however, lawmakers are eager to bring this new legislation to soften the blow. The country has also expressed concern over financial stability, cryptocurrencies, and other digital assets.
Additionally, individuals have to face tax rates on the proceeds from the sale of digital assets.
The current transaction fee is 20%, however, as with traditional assets like stocks or bonds, it is subject to fluctuate depending on the market and existing rules. It will be 13 percent for Russian enterprises and 15 percent for international ones when the new legislation is implemented.
President Vladimir Putin and the upper house will review the Russian crypto draft to become law. This comes after multiple Russian banks got blocked from the international payments channel, SWIFT. Anti-crypto U.S. politicians took the help of the premise pivoted by Russia to crypto, and it evaded sanctions to crack down on them.
The bill was originally introduced by the government to establish specific rules for digital asset operations and UTRs. If passed, it would set up specific rules regarding digital asset operations and UTRs. According to the government, this term stands for “utilitarian digital rights,” which is quite similar to securities.
This Wednesday, the Russian economy has experienced a decline of about 1.4%. This is because their foreign debt is due to expire on June 26.
The country was not interested in two bonds during a 30-day grace period. People need to know that it will get expired on June 26.
The battle in Ukraine, which started in late February, has already been witnessed by the whole globe. Consequently, the value of crypto markets has fallen by 46%.
Their goal was to reduce the market capitalization to its current levels by more than $800 billion. During the early Asian trading session on Wednesday, marketers are expected to see a daily decrease of 1.4 percent. It costs $954 billion as a result.
The Russian Central Bank has announced a new stablecoin, which will allow the nation to maintain its skeptical stance on cryptocurrency.
According to the bank’s first deputy chair Olga Skorobogatova, trials of a digital ruble will be no more from 2024 to April 2023.
The reason for this change is that Russia has been under Western economic sanctions, which have caused great financial difficulties for the country. According to Skorobogatova, “the Central Bank is working on creating a stable coin.” She also added that it will be based on gold and silver.