In the fall, the State Duma will consider taxation of cryptocurrencies

Russia may include income from cryptocurrency transactions in the taxable category as early as this fall.

The head of the State Duma Committee on State Construction and Legislation, Pavel Krasheninnikov, said that the State Duma is considering the possibility of discussing issues of taxation of cryptocurrencies at the autumn session.

The official is confident that the government plans to receive its revenues into the budget as soon as possible.

According to Krasheninnikov, the recognition of cryptocurrency as property should be supported by the possibility of transferring rights to it in the event of the death of the owner or division of property. However, the Central Bank does not support this initiative. The bill on taxation of cryptocurrency transactions, adopted in the first reading, to which the Duma plans to return in the fall, has been repeatedly criticized for incorrect wording and ambiguous norms.

In addition, according to the law “On digital financial assets”, transactions with cryptoassets are prohibited in the country, and they cannot be taxed until legalized.

Krasheninnikov also noted that deputies intend to introduce the concept of cryptocurrency into the Civil Code, and are discussing a possible mechanism for using cryptoassets by agreement of the parties for payment goods and services.

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