Russia Looks At $13B In Tax Collection If Crypto Bill Gets Approved

Russia looks at $13B in tax collection if the crypto bill gets approved and it is making headways now in finalizing the legislation with the Ministry of Finance seeking the assistance of the public to improve the regulation so let’s find out more in our latest cryptocurrency news.

A prior notice of the ministry calls “On Digital Currency” will expound on a public consultation to a set of regulatory rules for the crypto bill and interest from businesses, corporations, and legal entities.  The other notice states that the consultation could entail another one for much-needed amendments of certain federal laws in connection to the digital currency. As of the time of writing, Russia looks to a new bill with the draft of the bill is not made public yet but the Russian Finance Minister Anton Siluanov expects to complete the public consultation for the bill by March 18. A ministry spokesperson said the legislation could be released in a few weeks:

 “The public discussion procedure takes place in several stages. We are currently at the initial stage of informing about the beginning of development.”

The Bank of Russia opposed cryptocurrency trading and mining because of the alleged risks that it poses to the financial stability but with the finance minister and the idea of an implication, the Russian President Vladimir Putin called on to the public to find a consensus on the matter. Banning crypto is impossible as banning the interest in Russia as Siluanov noted at the ministry’s briefing with the central bank. Rather than banning it, Siluanov suggested regulating the existing digital token industry can be monitored by the governemnt while enabling it to contribute to the country’s capital growth.

Russia has a lot to gain from crypto taxes from the realized gains on the amount deposited and the withdrawn assets. Analysts proejct that the country could make up to $13 billion from tax payments in the crypto market. The economists elaborated that the taxes in the industry can be collected in two forms and will levy on legal entities like exchanges and other service providers. They are setting their sight on receiving from 90 to 180 billion rubles a year from the legal and licensed crypto tradign platforms and around 606 billion rubles from the income taxes.

There’s a rough estimate that Russians own about 16.5 trillion rubles in crypto or about $215 billion. Russia holds about 12% of the global crypto economy but the potential to grow with legalization is endless.