Breaking: No VAT On Cryptocurrency Issuers In Russia, Details
According to Reuters, the Russian draft law that sought to exempt issuers of digital assets and cryptocurrencies from value-added tax has been approved by members of the state Duma today.
Tax exemption draft law approved by members of the state Duma
The crypto regulation discussion in Russia has been on for a while and the country’s financial authorities have expressed distaste for cryptocurrencies and other related assets severally. Russia’s Central Bank approved usage of cryptocurrencies and other digital assets for foreign trade recently.
Also in February, blockchain platform Atomyze was given the first license to exchange digital assets in Russia, soon after, a licence for dominant lender Sberbank followed.
In the approved draft law, the second and third readings on Tuesday, considered exemptions on value-added tax for issuers of digital assets and information systems operators involved, and It establishes tax rates on income earned from the sale of digital assets.
The present rate on transactions is 20%, this is also the rate for standard assets. Under the new law, the tax would be 13% for Russian companies and 15% for foreign ones. However the draft must still receive a final approval by the upper house and signed by the President.
Morocco’s Central Bank to Set Up Crypto Regulatory Framework Soon
In the same vein, the head of Moroccan Central Bank Abdellatif Jouahri, has said that the Central bank is in process of presenting a cryptocurrency regulation framework bill and it aims to upgrade Morocco’s money laundering and anti-terrorism financing regulations, per Bitcoin News.
The central bank committee working on the bill is the Crypto Regulation Best Practices committee and according to the governor of Bank Al-Maghrib (BAM) Jouahri, both the International Monetary Fund (IMF) and the World Bank would be engaged to work out appropriate benchmarks for regulation.
The central bank had previously banned crypto trading but conceded that Moroccans will likely adopt cryptocurrencies later. BAM had always warned about the risks that comes with usage of cryptocurrencies which was the reason for the ban.
The Moroccan central bank had also had talks with the central banks of France, Sweden, and Switzerland on what would be the best practices for crypto regulation. It appears the country is now taking steps to regulate the industry.
- How the Crypto Market Could React to the Next Fed Meeting on October 29?
- $1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
