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01 March 2021

Russian Bill to Recognize Cryptocurrencies as Property Advances in Parliament – Regulation Bitcoin News

Russian Bill to Recognize Cryptocurrencies as Property Advances in Parliament – Regulation Bitcoin News


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The proposed law will provide legal protection for cryptocurrencies but income from their activities will also be subject to taxation.

Russia’s State Duma, the lower house of Parliament, adopted a bill that recognizes cryptocurrencies as property and subjects income from them to taxation in the first reading, RIA Novosti reported last week.

Prime Minister Mishustin talked about the Russian government’s plans to recognize cryptocurrencies as property back in November when he outlined initiatives, including cryptocurrency regulation, to fight against the spread of the coronavirus pandemic.

Russian citizens and organizations will have to submit a declaration if the value of cryptocurrency transactions during the year exceeds 600,000 rubles ($8,100).

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