Crypto Tax Breaks Proposed by Officials in Russia

Tax exemptions on profits from crypto-related transactions have been proposed during a meeting at the Ministry of Economic Development of Russia. Participants also called for a 10 fold increase of the limit for individual investments in ICOs. Russians should be allowed to open accounts with foreign exchanges, officials insisted.

Also read: Russian Lawmaker Proposes Legalization of Cryptocurrencies to Attract Investments

Tax Breaks For Corporate Earnings and Private Incomes
Proposals to amend the draft law “On Digital Financial Assets” have been mounting in Russia, as legislators are preparing to review the bill authored by the Finance Ministry. A working group composed of representatives from other ministries, government agencies, banks and companies have come up with new ideas to tweak the legislation.

Tax breaks on profits from crypto transactions have been proposed during a meeting of the group at the Russian Ministry of Economic Development, Vedomosti reported. A ministry official said that exemptions should cover not only corporate earnings, but personal incomes, as well. Participants also called for increasing the limit for individual shares of “unqualified” investors in ICOs from 50,000 to 500,000 Russian rubles ($8,800 USD).
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