According to official estimates, the Russian government will receive up to 1 trillion rubles ($13 billion) in crypto tax per year.
According to reports, The Bell, a local Russian publication, obtained a government analytic note estimating annual tax collections. Russians own roughly $214 billion in cryptocurrency, according to the writers of the letter. In addition to the substantial number of over-the-counter (OTC) crypto deals, the number of users on overseas exchanges projected to be around 10 million. Crypto tax revenue might range from 146 billion rubles to a trillion rubles, according to the government agency.
Two taxing approaches proposed in the note. One is for crypto exchanges, intermediates, and OTC desks. A new tax on cryptocurrency investments and earnings. The state might receive revenue of 90 to 180 billion rubles ($2.4 billion), according to the estimations of the analytical group. By taxing crypto investments and income, crypto platforms will produce a further 606 billion rubles ($8 billion) in revenue per year.
Russians own only 1% of world wealth
Without the mining industry, the overall crypto market of $200 billion would earn an estimated $12 billion in income. Assuming a current basic tax of 6%. It’s also worth noting that Russians own only 1% of world wealth, compared to 12% of global cryptocurrency holdings.
The government study also mentions the crypto mining industry. Which is widely dispersed and unregulated, with the majority of operations being unaccounted for. According to the note, the estimate is simply based on a single tax band. And the original taxes might look significantly different depending on the market’s actual size.
Following the rejection of the central bank’s proposal for a blanket ban on crypto mining and trading, Russia is pushing forward with its strategy to govern the vast crypto market. As previously reported, Russia’s finance ministry has already submitted a crypto framework for evaluation. And new legislation is awaiting to be implemented soon.