Russian Government to Issue Crypto Tax Law

According to Deputy Minister of Finances of the Russian Federation, at the moment, the law is in the process of discussion
25 January 2018   390

The draft law on the regulation of the crypto-currency market, published today, does not mention taxation. As explained in the Ministry of Finance, this issue will be considered in a separate "satellite law". This is reported by TASS.

Now, this issue is not defined in the legislation. And objectively, this is a big problem that will be worked through, of course. There will be at least some legislative framework to define in the Tax Code. Now there is a coordination of the law, but it is not yet fully discussed.

Ilya Trunin

Deputy Minister of Finances of the Russian Federation

In addition, Deputy Minister Alexei Moiseev said that in the near future the Ministry of Finance will publish a bill on monetary surrogates, including the definition of which fall
cryptocurrencies. For the use of money surrogates as a monetary means will be provided for severe sanctions.

Wyoming Passed Bill Exempting Utility Tokens from Securities Laws

The Wyoming House of Representatives has unanimously approved a bill exempting utility tokens from securities laws  
20 February 2018   71

On Monday, House Bill (HB) 70 passed the House 60 to 0 and will now head to the Senate. The bill exempts utility tokens from securities laws. This will attracts ICO’s launches to the state and will make the state a favorable environment for blockchain startups.

According to the bill, the utility token must meet three conditions:

  1. The token’s issuer must not market it as an investment;

  2. The token must be exchangeable for goods and services, for example, startups must have a working product or service at the time the tokens are issued;

  3. The token’s issuer must not actively make efforts to create a secondary market for the token by entering into a repurchase agreement or agreeing to locate buyers for the token.

It is important to note that there are four more cryptocurrency and blockchain-related bills currently moving through the Wyoming legislature.

HB 19 passed the House of Representatives on Monday and is now awaiting introduction in the Senate. The bill exempts cryptocurrency from the state’s money transmitter act.

HB 101 has passed its second reading in the House and, if it passes its final hearing, will then go to the Senate. This bill will allow companies to create and use blockchains for the purpose of storing records and conducting inter-office communication.

HB 126 has just passed its second reading in the House. It will allow the creation of series LLCs.

Senate File (SF) 111 passed a vote to introduce on Friday and is now headed to a committee hearing. This bill will exempt cryptocurrency assets from state property taxes.