Russia MOF Announces Government Approval of Bill Concerning Domestic Circulation of Digital Currencies, Rights

The Russian Ministry of Finance April 29 announced government approval of a bill to amend the Tax Code concerning domestic circulation of digital currencies and digital rights. The bill includes measures to: 1) exempt VAT on sales of non-deliverable foreign digital rights that exclusively certify monetary claims, and services of digital depositories and organizations exchanging digital currency; 2) require brokers and trustees making payments on transactions with digital currency or foreign digital rights to act as agents for individual income tax; 3) allow individuals to offset gains and losses from such transactions within the same tax period, without loss carryforward; ...