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Russian authorities propose relief from ICO regulations, tax breaks from cryptocurrency

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Russian authorities examined several amendments to the draft law on digital financial assets at a meeting of the Russian Ministry of Economic Development. The federation which took place on February 27th.

The major changes proposed by officials include a reduction in the income tax of assets in digital currency and a tenfold increase in the limit of initial individual investments in coins. The task force also suggested that Russian investors in digital assets should be allowed to open accounts on foreign currency cryptocurrency exchanges, as well as to buy ICO chips from abroad. Similarly, non-residents should be allowed to invest in Russian ICO projects, according to the authorities.

The meeting included representatives of the Russian Ministry of Communications and Media (Minkomsvyaz). ICO projects

were also present the Russian Ministry of Justice, the Central Bank, the Federal Antimonopoly Service of Russia (FAS) and others. Their proposals will be the subject of further examination by the Government Commission.

The Ministry of Finance (Minfin), which published the Digital Financial Assets Bill on January 25, 2018, did not take part in

Recently, the court Moscow arbitration decided to exclude the digital currencies of the assets that can be seized for the payment of the debt by invoking as a reason the fact that the cryptocurrencies remain legally indefinite in Russia.

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reported by Cointelegraph auf Deutschland on Thursday, March 1, the German authorities took a similar decision to exempt cryptocurrency transactions from taxes when they are used as a means of payment.

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