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Sunday, August 7, 2022

Russia Could Be Collecting $13B In Crypto Tax

The government of Russia will be looking towards collecting up to $13 billion in crypto tax every year- as estimated by the authorities. A local Russian publication called The Bell recently got its hands on the analytic note from the government that estimated the yearly revenue generated from the tax. According to the authors of the letter, the country holds near 12% in crypto. The number of active users on foreign exchanges is said to be about 10 million, along with quite a significant number of OTC crypto trades. The government agency also thinks that even the most direct imposition of tax will generate anywhere from 146 billion to 1 trillion rubles in crypto tax revenue.

Russia Could Generate A Lot In Crypto Tax Revenues 

The note from this publication in Russia has suggested two different methods of taxation- one for the crypto platforms such as intermediaries, exchanges, and OTC desks, and another tax for income and investments from crypto. According to the estimates provided by the analytical group, the state would be seeing revenue of around 90 to 180 billion rubles a year from crypto platforms with base taxation of 6%- generating another 606 billion rubles in revenue by taxing income and crypto investments. 

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The report from the government in Russia has also noted that the highly unregulated and scattered crypto mining industry- most of which hasn’t been accounted yet. The publication has stated that the estimation has been created purely on the simple tax bracket- with the original taxation looking very different based on the actual size of the crypto market.

As it stands, Russia has been moving pretty ahead with its plan on regulating the large market of crypto after the proposal from the central bank for a complete ban on trading and crypto mining was declined. As Cointelegraph went on to report earlier, the Finance Ministry in the company had already pushed for a crypto framework for review amidst new regulations. 

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