While the Polish Ministry of Finance plunged the cryptocurrency industry with an archaic levy, citizens of the Russian Federation got clear and simple settlement rules. While the Polish Ministry of Finance plunged the cryptocurrency industry with an archaic levy, citizens of the Russian Federation just got clear and simple settlement rules. Russians are required to pay a tax of 13% on income earned from cryptocurrency trading, according to a document published by the Ministry of Finance there. Despite the fact that the letter is only a recommendation, lawyers in the country stress that it corresponds to the ministry's position on the matter and should be treated as a reference for accounting for tax on cryptocurrency trading before the rules are concretized in the relevant laws. Currently, Russia is working on legal regulation of the cryptocurrency market. Two bills on this matter are currently under parallel consideration by the Russian Duma. One of them, entitled "Digital Financial Assets," takes into account, among other things: blockchain technologies, cryptocurrency mining operations as well as financing business projects based on ICO (Initial Coin Offering). The second bill introduces such concepts as "digital money" or "digital rights" while trying to safeguard the interests of crypto-investors. Cryptocurrencies will have a new separate category in Russia, while in Poland they are wrongly treated as property rights, which raises many dangers for people who buy them. At the same time, relevant amendments to the Tax Law are also being introduced to precisely outline the issues of accounting for cryptocurrencies. These are to come into force before the end of this year. In Poland, so far it seems that we can only dream about it. Before that happens, however, citizens of the Federation are required to document their income from cryptocurrency trading and settle it at a flat income tax rate of 13%. Foreigners staying in Russia for more than 183 days a year are subject to the same taxation rules as permanent residents of the country. Otherwise, the tax rate rises to 30% for them. Tags bitcon cryptocurrencies tax taxes Russia
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