The Russian federal government has proposed a draft bill to the State Duma establishing guidelines for the taxation of cryptocurrency transactions. The law will change Russia's tax legislation to address several unanswered concerns.
The implementation of value-added tax (VAT) is one of the factors. According to the authors, VAT should be paid on services supplied by operators of platforms issuing or trading digital financial assets (DFA), which in current Russian legislation includes cryptocurrencies.
According to Forklog, the tax base for "digital rights," another legal description that includes security and utility tokens, will be decided by the difference between the token's sale and purchase price.
Related Post:ECB’s president warns crypto companies against assisting Russians in avoiding sanctions
Russian entities that possess coins will be taxed at a rate of 13% on their digital rights' earnings, while international firms will be taxed at 15%. By February 1 of the following year, issuers of digital financial assets will be required to file tax reports on the parties involved and the transactions performed during the current year.
According to Andrey Tugarin, managing partner at the legal firm GMT Legal, the rule would not impact Russians who have cryptocurrency. The measure, he continued, solely affects the market for digital financial assets and digital rights. It creates a tax structure similar to that which applies to the securities market.
According to a statement made by The Open Network (TON), the Democratic Republic of Congo (DRC) is exploring launching a national stablecoin based on blockchain. Furthermore, the DRC, together with Cameroon and the Republic of Congo, intends to use TON-powered virtual currency and blockchain-based technologies.
As per TON's statement, the revelation of the blockchain entity's intention to supply these products followed productive discussions with each of the three nations. According to the release, the three nations' acceptance of TON's crypto and blockchain solutions will be phased in.
Léon Juste Ibombo, the Republic of Congo's Minister for Posts, Telecommunications, and the Digital Economy commented on the possibility of his country's possible relationship with TON:
The Republic of Congo has been on this route for some time, having promoted and watched the country's extensive use of mobile payments. This is the next phase in the process, and we feel TON is the appropriate partner to help us get there. This will be a wonderful, practical tool for both the government and our people regarding wealth generation and growth.
Ibombo's DRC colleague, Désiré Cashmir Eberande Kolongele, echoed similar comments, expressing his nation's satisfaction in taking this step. He claims that launching the stablecoin will provide "millions of unbanked and underbanked persons access to our financial system."
Related Post:Mama Bitcoin: Using Bitcoin to elevate women in West Africa
"The relationship with TON can play a crucial role in the digital ecosystem of Cameroon for expanding payment solutions and financial inclusion via CAMPOST, the state postal operator," said Minette Libom Li Likeng, Cameroon's Minister of Posts and Telecommunication.
