Russian State Duma Passes First Reading of Cryptocurrency Tax Reform Bill

BlockBeats News, June 10th. The Russian State Duma has passed in the first reading a government-submitted cryptocurrency tax reform bill, aiming to further clarify the tax rules related to digital assets. According to the draft, the taxable base of cryptocurrency transactions will be calculated based on the positive difference between income and cost, allowing investors to offset the gains and losses of both digital currencies and overseas digital rights assets within the same tax period.

The bill also requires brokers and trustee management organizations to fulfill personal income tax withholding obligations in cryptocurrency and overseas digital rights transactions, and to retain relevant transaction records for at least five years. At the corporate level, apart from cryptocurrency mining, income and expenses related to digital assets in foreign trade will be included in the corporate income tax base, and overseas digital rights assets will also be treated for tax purposes as cryptocurrency.

Furthermore, the Russian State Duma Budget and Taxation Committee has proposed further revisions to the bill in the second reading, suggesting that licensed cryptocurrency exchange platforms take on tax agent functions, directly withholding personal income tax when users buy or sell cryptocurrency. If the final legislation is passed, the Russian digital asset tax regulatory system will be further improved.