Moscow Could Pocket $13B in Crypto Tax Each Year

According to The Bell, while Moscow continues to consider its options for regulating cryptocurrencies, preliminary estimates imply that taxing the market might bring in up to $13 billion (1 trillion rubles). The note issued by the government’s analytical center gave numerous alternatives for analyzing and taxing the country’s crypto market. According to the note’s writers, Russia’s portion in the global crypto market is at 12%. With the worldwide cryptocurrency market’s average capitalization of $1.87 trillion last year, Russia’s part would be over $214 billion. Even a simpler taxes system, according to the same letter, might yield up to one trillion rubles each year, or nearly $13 billion. According to the experts at the analytical center, taxation might be done on two levels: one for legal businesses like crypto exchanges and middlemen, and another for income from cryptocurrency investments. According to their calculations, the state could collect between 90 and 180 billion rubles (1.2 and 2.4 billion US dollars) per year from legal crypto exchanges and pocket an additional 606 billion rubles (8 billion US dollars) by taxing the income from cryptocurrency investments, depending on the tax rate.The post Moscow Could Pocket $13B in Crypto Tax Each Year appeared first on Cryptoknowmics-Crypto News and Media Platform.