According to Reuters reports, members of the Russian state Duma have accepted the draft law that intended to exempt issuers of digital assets and crypto from value-added tax (VAT).
The topic of crypto regulation has been up for discussion in Russia for some time, and the nation’s financial officials have often declared their antipathy for cryptocurrencies and other associated assets. Recently, the Central Bank of Russia allowed the use of cryptocurrencies and other digital assets for international trade.
The first permission to exchange digital assets in Russia was granted to blockchain platform Atomyze in February as well. Soon after, major lender Sberbank received a license.
The second and third readings of the approved draft law on Tuesday discussed exclusions from value-added tax for those involving information system operators and issuers of digital assets. It also established tax rates on income derived from the sale of digital assets.
The current transaction rate is 20%, which also applies to standard assets. The tax would be 15% for foreign corporations and 13% for Russian companies under the new law. The upper chamber must still give the draft its final approval before the President signs it.
Moroccan to create regulatory framework for crypto
In a similar vein, according to Bitcoin News, Abdellatif Jouahri, the head of the Moroccan Central Bank, has stated that the Central bank is in the process of presenting a bill that would set up a framework for regulating cryptocurrencies and would upgrade Morocco’s laws against money laundering and financing terrorism.
The International Monetary Fund (IMF) and the World Bank will be consulted to develop suitable standards for regulation, according to the governor of Bank Al-Maghrib (BAM), Jouahri, who is on the central bank committee working on the bill.
Despite earlier forbidding cryptocurrency trade, the central bank acknowledged that Moroccans will probably eventually adopt cryptocurrencies. The prohibition was implemented because BAM had consistently issued warnings about the dangers associated with cryptocurrency use.
The Moroccan central bank had also discussed the best methods for regulating cryptocurrencies with the central banks of France, Sweden, and Switzerland. It indicates that the nation is currently making efforts to regulate the sector.
