The Russian government committee approved a proposal from the Ministry of Finance to tax cryptocurrency transaction revenue.

CoinFeed reported on April 28th that, according to Bits.media, the Russian government's Legislative Activities Committee approved a proposal from the Ministry of Finance to tax cryptocurrency transaction revenue. The document stipulates that transactions, including cryptocurrency exchanges, are subject to personal income tax, with cost accounting using the first-in, first-out (FIFO) method. The bill prohibits carrying forward cryptocurrency transaction losses to future tax periods. Meanwhile, services from digital custodians and cryptocurrency exchanges, as well as certain overseas digital rights transactions without physical delivery, will be exempt from value-added tax (VAT). For debt-type digital financial assets such as tokenized bonds, the bill stipulates special tax calculation methods and allows for loss carry-forward. Previously, the Russian Duma had passed the first reading of the government-submitted bill "On Digital Currency and Digital Rights," which would grant the Central Bank of Russia the power to approve exchanges and market access and set limits on cryptocurrency purchases by citizens.