Russia Hopes to Get Up to 1 Trillion Rubles a Year From the Crypto Market

According to The Bell, in Russia, with a simplified taxation system, the possible amount of fees could reach up to 1 trillion rubles a year.

The authors of the study, based on data from the CoinMarketCap platform, calculated that in 2021 the average capitalization of the global cryptocurrency market was $1.87 trillion. At the same time, the share of the Russian Federation accounted for at least 12% (about $214 billion or 16.4 trillion rubles).

According to analysts, the industry may be taxed on investment income and on the profits of cryptocurrency companies. Thus, the Russian government could receive from legal crypto exchanges from 90 to 180 billion rubles a year. Taxes on income from investing in cryptocurrencies could bring up to 606 billion rubles to the budget, provided that the growth rate of this market is maintained.

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