Russia's State Duma passed the first reading of the cryptocurrency tax reform bill.

CoinFeed reported on June 10th that, according to Bits.media, the Russian State Duma passed the government's proposed cryptocurrency tax reform bill in its first reading. The tax base is the positive difference between cryptocurrency trading income and expenses, allowing investors to offset losses against profits within the same tax period. Brokers and trustees are required to withhold and remit personal income tax as tax agents, recognizing only documented expenses and retaining copies of supporting documents for five years. Foreign-issued digital financial assets will be treated as cryptocurrencies. Coupons from ruble-based digital debt instruments traded on the Moscow Exchange will be taxed at a preferential rate, similar to corporate bond interest. Authorities allow losses on debt-based digital financial assets to be carried forward to future tax periods and offset against gains and losses on securities and derivatives, but this provision will only take effect "after the stabilization of debt-based digital asset trading." Sales of foreign digital rights without physical delivery are exempt from value-added tax.