Putin Green-lights Russian Digital Ruble Tax Law

Russian President Vladimir Putin has given his approval to a new digital ruble tax law. The legislation, which was proposed by the government in October, is intended to create a framework for taxation of digital assets such as cryptocurrency. The new law would also bring Russia’s taxation system in line with international standards, which are becoming increasingly important in the cryptocurrency era. The new law is set to be introduced in 2019 and will set up a new taxation regime for digital assets. Under the law, digital assets could be taxable as either income derived from capital (“capital gains”), or as profits from business activities. The new law could also set new requirements on digital asset holders, such as registering their activities with the tax authorities.

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