Russia Prepares to Exempt Crypto Trading and Custodial Services from VAT

The Russian government is taking steps to regulate cryptocurrency transactions within the country. As part of this effort, a draft law has been prepared that would exempt cryptocurrency trading and custodial services from value-added tax (VAT).

This move aims to create a more favorable environment for crypto operations in Russia. The legislation would also introduce specific rules for taxing profits generated by entities engaged in these activities, as well as personal income of digital currency traders.