Russian lower house passes first reading of crypto tax bill

Russia's State Duma, the lower house of its parliament, has passed the first reading of a government-proposed amendment on cryptocurrency taxation, Bits.media reported today. The bill stipulates that the tax base for crypto transactions will be calculated on the difference between the sale price and the acquisition cost. It also allows investors to offset profits and losses from cryptocurrencies and "overseas digital rights assets" within the same tax period. Additionally, the State Duma's tax committee has proposed a further amendment for the bill's second reading that would designate authorized crypto trading platforms as tax agents. If approved, this would require exchanges to directly withhold personal income tax from users' crypto sales. The legislation, if passed, would establish a more detailed framework for digital asset taxation in Russia.