Russia's State Duma passed the first reading of the cryptocurrency tax reform bill.

According to Mars Finance, on June 10th, the Russian State Duma passed a government-submitted bill on cryptocurrency tax reform during its first reading, aiming to further clarify tax rules related to digital assets. According to the draft, the taxable basis of cryptocurrency transactions will be calculated based on the positive difference between revenue and costs, allowing investors to deduct profits and losses from digital currencies and overseas digital rights assets within the same tax cycle. The bill also requires brokers and trustees to withhold and remit personal income tax on cryptocurrency and overseas digital rights transactions, and to retain relevant transaction receipts for at least five years. At the corporate level, in addition to cryptocurrency mining, foreign trade income and expenditures involving digital assets will be included in the corporate income tax base, and overseas digital rights assets will also be treated as cryptocurrencies for tax purposes. Furthermore, the State Duma Budget and Tax Committee recommends further revisions to the bill during the second reading, requiring licensed cryptocurrency exchange platforms to assume tax agency functions, directly withholding personal income tax when users buy and sell cryptocurrencies. If the legislation is ultimately passed, Russia's digital asset tax regulatory system will be further improved.