Even under a simplified tax regime, the taxes collected from the Russian crypto market could amount to as much as 1 trillion rubles a year. The Bell reports, citing an analytical note for the government.
The authors of the document, drawing on data from CoinMarketCap, write that in 2021 the average market capitalization of the global cryptocurrency market was $1.87 trillion. Russia accounted for at least 12% (about $214 billion or 16.4 trillion rubles).
A similar calculation earlier was cited by Bloomberg.
Within the government apparatus, doubts were raised about such an assessment. The Analytical Center under the government, in a commentary on the memo, calculated that Russians’ crypto holdings could amount to as much as 13.3 trillion rubles.
Analysts believe the industry should yield two kinds of taxes – on investment income and on profits of crypto companies.
According to their assessment, from legal crypto exchanges, depending on the tax rate, the state could collect between 90 and 180 billion rubles per year. Taxes on investment income from cryptocurrencies could bring in up to 606 billion rubles to the budget, assuming the market continues to grow at its current pace.
Noting that the Bank of Russia and the Finance Ministry hold different positions on cryptocurrencies, the Bank of Russia to ban their circulation and mining on Russian territory, while the Finance Ministry advocates regulation of the sector. The ministry has already prepared its own concept.
Russia approved a government roadmap until the end of 2022, providing for mandatory registration of crypto platforms in the country, as well as liability for illegal turnover of digital assets and failure to declare information on transactions with them.
It is expected that by February 11 the Russian government will develop regulatory scenario proposals for the cryptocurrency market with an assessment of their likely consequences.
Last week, the head of the State Duma’s industrial committee, Vladimir Gutenev, proposed setting the minimum personal income tax for miners at a rate of 15%, and a tax on profits for mining companies as a business not less than 6%.
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