Putin, Explanation of the Draft Law on Virtual Assets and Asset Recognition

Russian President Putin has announced a draft law recognizing virtual assets (de-anonymization) as assets. According to TASS, Russia's state news agency, on the 28th (local time), President Vladimir Putin of Russia recognized virtual assets as assets and explained the draft law detailing virtual assets. Russia's virtual asset tax law imposes a 13% tax on income exceeding 2.4 million rubles (approximately 31.05 million won) and a 15% tax on income exceeding this amount. It is explained that the same tax standard applies to income from securities, bank deposits, and other sources. In the case of legal entities, the virtual asset tax is expected to be taxed at the standard tax rate (25%). However, VAT is not applied to the holding and sale of virtual assets.