Putin signed a law regulating the tax rules of cryptocurrency trading

Russian President Vladimir Putin signed a law regulating taxes and fees related to the trading of digital financial assets.

VAT will not be levied on the services of operators of information systems in which digital financial assets are issued, the services of operators of the exchange of such assets, as well as the sale of digital financial assets.

The document states that the financial result is determined from the date of each individual transaction and for the entire set of transactions.

The tax base for payments in digital financial assets may be reduced by the amount of the loss on transactions with securities not traded on the regular market, and vice versa.

The law also states that when exercising digital rights that simultaneously include digital financial assets and digital interest-bearing rights, the tax base is determined as the difference between the sale price of the said digital right and the purchase price, taking into account the amount of taxes.

In accordance with the legislation, the amounts of tax calculated and paid by taxpayers in the balance upon receipt of payments, or partial payment in connection with the implementation of digital rights to the customer, obligations under which must be fulfilled in cash or by transferring goods (works) and services), property rights and purchase and sale transactions, after which they are exempt from tax.

Source: TASS