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Russia has approved a draft bill that exempts cryptocurrency issuers from Value Added Tax (VAT). This move is to further strengthen its pro-crypto stance through its legislation. The lower house of Russian legislature, The State Duma has passed this bill.
Reportedly, some other services related to the crypto exchanges shall also fall under exemption. The present tax rate for crypto firms that are engaged in these deals concerning digital assets stand at 20%. The continued sanction from the west have wreaked havoc in Russia after the Ukraine invasion.
Russia has been witnessing financial crisis and that has in turn made it difficult for Russia to conduct international transactions. In order to boost its economy, Russia has undertaken a positive stance on crypto to facilitate the growth of the industry.
Details Of The Crypto VAT Exemption
Apart from the exemption from VAT, this bill that has been passed stated that income tax rate will be of 13% for crypto exchanges on the first 5 million Rubles which is presently valued at $93,000 of taxable base annually, 15% on amounts that cross the aforementioned level and 15% across the board for foreign exchange operators.
The Russian Central Bank however has been on the opposing side of crypto just like other central banks across the globe. Despite opposing crypto, the state licensed the first local digital asset platform, Atomyze Russia. Post licensing Atomyze Russia, top lender Sberbank was provided a license.
The members of the State Duma has approved to draft the tax law. The bill is aimed at reducing taxes for crypto issuers and also helps defines tax rates on the income received from the sale of the assets. Now for this bill to become a law, it requires the signature of President Vladimir Putin.
Once and if the bill has been passed then the particulars of how digital assets are to be managed will be laid down. The taxation of digital assets under the bill is analogous to securities taxes at the present moment, once the bill is passed some light would be shed on the said stance.
Related Reading | BitRiver And Russian Oil Giant Team Up To Power Data Centers
Russian Banks Blocked From The SWIFT System
Russia Banks have been blocked from the SWIFT system and Group Of Seven G7 countries recently ceased purchase of newly mined and refined Russian gold. This has added further pressure on Russia’s financial condition.
Not just this, there has other sanctions which has caused Russia to default on foreign debt servicing. Anti crypto leaders in the US are of the notion that Russia may turn to crypto to avoid sanctions and so they insist on the crackdown.
Russia for the first time ever since 1917 has defaulted on the foreign debt. The year 1917 is historic as the Bolshevik Revolution had taken place that year. Russia was given a grace period of 30 days but it failed to pay interest on two different bonds.
Related Reading | Russia Still To Ban Crypto? A Bill To Ban Digital Assets Has Passed First Reading
Bitcoin was priced at $20,000 on the one day chart | Source: BTCUSD on TradingView
Featured image from , chart from TradingView.com


Russia has approved a draft bill that exempts cryptocurrency issuers from Value Added Tax (VAT). This move is to further strengthen its pro-crypto stance through its legislation. The lower house of Russian legislature, The State Duma has passed this bill. Reportedly, some other services related t...

bitcoinist.com

Crypto And Digital Assets Issuers Are Exempted From VAT In Russia Now

On-chain data shows the crypto exchange Coinbase Pro has received a large amount of Bitcoin inflows today, a sign that could prove to be bearish for the coin’s price.
Coinbase Pro Observes Bitcoin Exchange Inflows Of About 3.5k BTC
As pointed out by an analyst in a CryptoQuant post, Coinabse Pro has today received big inflows from supply not moved since at least six months ago.
The “exchange inflow” is an indicator that measures the total amount of Bitcoin moving into wallets of a centralized exchange (which, in this case, is Coinbase Pro).
When the value of this metric spikes up, it means a large number of coins are entering into the exchange’s wallets right now.
Such a trend can be bearish for the crypto’s price as investors usually deposit their coins to exchanges for selling purposes.
Related Reading | Analysts Believe Market Reversal Imminent, Gnox (GNOX) Could Lead Bitcoin (BTC) and Ethereum (ETH) In Uptrend
Prolonged large inflows can be a sign of dumping from whales. On the other hand, low values of the indicator suggest a normal amount of selling is going on in the market right now.
This kind of trend can be either bullish, or neutral for Bitcoin, depending on whether investors are also withdrawing their coins or not.
Now, here is a chart that shows the trend in the BTC inflows for Coinbase over the past few months:

Looks like the value of the indicator has been elevated recently | Source: CryptoQuant
As you can see in the above graph, the Coinbase Pro Bitcoin exchange inflows for the different age groups is shown.
“Age” here corresponds to how many days the investors who deposited these coins had been holding their BTC for.
Related Reading | “Bitcoin Is The Only One I’m Willing To Say Is A Commodity”, SEC Chair Says On Crypto Regulation
It seems like the inflows had a spike on the exchange today, and the largest contribution was from holders belonging to the 6 to 12 months cohort.
Around 3.1k BTC was deposited by this group over the last 24 hours, with a further 200 BTC each coming from the 12-18 months and 3-5 years cohorts.
This kind of selling from long-term holders may imply that Bitcoin could see some more decline in the near future.
BTC Price
At the time of writing, Bitcoin’s price floats around $21k, down 1% in the last seven days. Over the past month, the crypto has lost 26% in value.
Below is a chart that shows the trend in the price of the coin over the last five days.

The value of the crypto seems to have bee moving sideways during the last few days | Source: BTCUSD on TradingView
Featured image from paul silvan on Unspash.com, charts from TradingView.com, CryptoQuant.com


On-chain data shows the crypto exchange Coinbase Pro has received a large amount of Bitcoin inflows today, a sign that could prove to be bearish for the coin&#8217;s price. Coinbase Pro Observes Bitcoin Exchange Inflows Of About 3.5k BTC As pointed out by an analyst in a CryptoQuant post, Coinabs...

Bitcoin Bearish Signal: Coinbase Receives Large Inflows

Vivere apps are preinstalled on the HTC Desire 22 Pro to help you traverse the metaverse and manage your cryptocurrency and NFTs.
HTC To Launch Metaverse Phone
With its own metaverse phone, known as the Desire 22 Pro (Viveverse phone), HTC is prepared to enter the Web3 world. The phone will go on sale on Tuesday, June 28.
The business announced the launch of its new product on Twitter, claiming that it “combines the experience of mobile phones with virtual reality.”
According to sources, HTC’s Viveverse phone, which is still going by its codename, was delayed from its April launch because of supply chain issues.

BTC/USD trades at $21k. Source: TradingView
You may access and manage your metaverse assets, such as cryptocurrencies and NFTs, using the HTC Desire 22 Pro’s built-in apps. According to an announcement, the Viverse software also enables you to “create your own virtual space,” and purchase NFTs in a virtual marketplace.
The HTC Desire 22 Pro has an integrated crypto wallet for Ethereum and Polygon-based assets, just like earlier HTC “cryptophones,”
Related reading | Solana To Launch Crypto Smartphone, Says “Time To Go Mobile”
With HDCP 2.2 connectivity, you can wirelessly mirror content to the HTC Vive Flow VR headset. A Vive Manager software also allows you set up and manage your VR hardware. The gadget is designed to work with this headset.
The smartphone “opens new immersive experiences as the perfect partner for VIVE Flow—whether it’s meeting colleagues in VR, or enjoying your own private cinema anywhere you are,” said Shen Ye, Global Head of Product at HTC, in a statement accompanying the announcement.
Not The First Time
HTC was a pioneer in the use of crypto phones.
It created the Exodus 1 smartphone, which can run a full Bitcoin node and includes a built-in crypto hardware wallet, as recently as 2018.
It has a 6.6-inch Gorilla Glass display with a resolution of 1080 x 2412 pixels and a refresh rate of 120 Hz, as well as an 8 GB RAM and 128 GB storage Qualcomm Snapdragon 695 5G processor.
A 4,520 mAh battery that supports Qi wireless charging and rapid charging keeps the gadget running.
Related Reading | Terra’s Do Kwon May Face Charges In The U.S. As Money Laundering Accusations Emerge
Featured image is from Flickr and chart is from TradingView.com


Vivere apps are preinstalled on the HTC Desire 22 Pro to help you traverse the metaverse and manage your cryptocurrency and NFTs. HTC To Launch Metaverse Phone With its own metaverse phone, known as the Desire 22 Pro (Viveverse phone), HTC is prepared to enter the Web3 world. The phone will go on...

HTC New Crypto Phone Comes With Metaverse And NFT Wallet Features

A high-ranking U.S. Securities and Exchange Commission (SEC) official is criticizing the regulator for policies that could prove detrimental to the economy and potentially erode faith in the institution.
In a new public statement, Commissioner Hester Peirce says the SEC’s actions not only run counter to its mission but also risk longer-term damage to the capital markets.

“Chair Gensler’s Regulatory Flexibility Agenda for the Securities and Exchange Commission sets forth flawed goals and a flawed method for achieving them.
The agenda, if enacted, risks setting off the regulatory version of a rip current – fast-moving currents flowing away from shore that can be fatal to swimmers.
The pace and character of the rulemakings on this agenda make for dangerous conditions in our capital markets.”
The commissioner addresses concerns about SEC proposals regarding cryptocurrencies, saying,
“Although the Agenda includes rules that might regulate crypto protocols or platforms through an unmarked backdoor, it does not appear to include any rules primarily intended to grapple with the main regulatory questions that have arisen around these assets.”
Peirce is also concerned that accelerating the policy-making process could keep market participants from submitting their opinions and responses to proposed rules.
Commissioner Peirce concludes her remarks by warning about the negative consequences of enacting hasty policies.
“When the Commission attempts rapidly to write and implement myriad rules, many of which are outside our longstanding mandate, it sets up conditions that could roil the markets.
We can avoid creating regulatory rip currents by recalibrating our agenda to focus on issues core to the protection of investors and operation of our markets and by slowing down the pace to ensure that we and the public can think about what we are doing.”
Peirce has publicly criticized the SEC’s policies in the past, including taking issue earlier this week with the agency’s continued resistance to permitting a spot-priced exchange-traded fund (ETF) for Bitcoin (BTC).
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.



Featured Image: Shutterstock/Mr.Alex M/Chuenmanuse
The post Pro-BTC Commissioner Hester Peirce Blasts Regulators, Says SEC Agenda Will Trigger ‘Dangerous’ Market Conditions appeared first on The Daily Hodl.


A high-ranking U.S. Securities and Exchange Commission (SEC) official is criticizing the regulator for policies that could prove detrimental to the economy and potentially erode faith in the institution. In a new public statement, Commissioner Hester Peirce says the SEC’s actions not only run cou...

dailyhodl.com

Pro-BTC Commissioner Hester Peirce Blasts Regulators, Says SEC Agenda Will Trigger ‘Dangerous’ Market Conditions

Launched in 2018, Coinbase Pro is designed to feature unlimited trading volumes, supporting more than 250 cryptocurrencies.

Bitcoin Pro price	$60.75
Low - High 24H	$60.51 - $70.45
Market cap	$7.84M
Volume 24H	$6,825.00
All time high	$1,209.85 -94.98% February 15th 2020
All time low	$0.000048 127273357.36% April 3rd 2019
Genesis date	N/A

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