Russia: Gov’t Demands Major Revisions To Proposed Cryptocurrency Laws

The Russian government has demanded lawmakers make several alterations to the country’s forthcoming cryptocurrency regulation before it becomes law in July.

Tax, Foreign Investment In Spotlight

A summary of comments made after the first reading of bill 419059-7, ‘On Digital Financial Assets,’ shows the Kremlin eager to enshrine foreign investor access to future Russian token releases, as well as produce clear tax obligations for cryptocurrency holdings from the outset.

“Given that tax obligations for digital financial assets and associated investments are not included in the law…, the government views as essential the need to make corresponding changes… regarding taxation and collection,” the summary reads.

Russia: Gov’t Demands Major Revisions To Proposed Cryptocurrency Laws

On foreign access to tokens, the government said it was “desirable” in its view to make hard-and-fast rules as an appropriate setup would “increase the attractiveness of investment” in projects launched on the Russian market.

Making Sense Of The Noise

Appearing generally supportive of the law’s content, the substantial revision requests, which pertain to a range of issues beyond tax and foreign investment, are the latest hurdle in Russia’s long road to cryptocurrency regulation.

The ‘gray area’ status of much of the technology has given rise to a sea of conflicting opinions on the legality of Bitcoin and other assets, with various pseudo-official schemes being put forward with varying degrees of believability.

Last year, suggestions even appeared from politicians trying to ban access to crypto altogether for regular Russians, something which president Vladimir Putin himself later indicated was not what he wanted.

Meanwhile, it remains to be seen what specific effects the new package of laws will have on the country’s fledgling consumer crypto market.

Currently, a host of exchanger resources offering direct transfers to bank cards and electronic wallets for Bitcoin and altcoins are in operation, but tax obligations for residents who use them remain at best open to interpretation.

Continuing that narrative, Sberbank president Herman Gref said this week that he does not consider cryptocurrency to be a “life-changing technology” for Russians.

What do you think about Russia’s cryptocurrency regulation plans? Let us know in the comments section below!

Images courtesy of Shutterstock

24.04.2018 / 17:40 132
Russian Government Concerned Crypto Bill Inadequate in Many Ways Russian Government Concerned Crypto
The Russian government has officially provided a response to the bill that seeks to outline the legal framework for cryptocurrencies. Many flaws and
Bill “On Digital Assets” Filed in the Duma, Disagreements Resolved Bill “On Digital Assets” Filed in the
The draft-law On digital financial assets aimed at regulating crypto-related matters in Russia has been officially filed in the State Duma on
Russian Government Resolves Disagreement on Draft Crypto Law Russian Government Resolves
The Russia Federation is inching closer to deciding on a law covering initial coin offerings (ICO) and the trading of crypto tokens within the
Russia is Considering Relaxed Rules for Cryptocurrency Adopters Russia is Considering Relaxed Rules for
Russia’s plan to regulate cryptocurrencies and initial coin offerings lead to the first draft of the federal law “On Digital Financial Assets”.
Russia: Vladimir Putin Signals Obligatory Cryptocurrency Regulation Will Begin July 1 Russia: Vladimir Putin Signals
Russias cryptocurrency bill should debut no later than July 1, president Vladimir Putin has stated. Russia’s president Vladimir Putin has signalled
Russian Officials Propose Lighter ICO Regulations, Cryptocurrency Income Tax Breaks Russian Officials Propose Lighter ICO
Russian officials have recently suggested a number of modifications to the draft law “on digital financial assets,” including tax breaks and
Comments (0)
Add a comment
Comment on