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Crypto Slide; Russia Includes Crypto in Offshore Plan

Investing.com – Bitcoin and other major cryptocurrencies continued on a downward trajectory on Tuesday morning in Asia, with market cap hitting a week low.

Bitcoin shed 2.86% to $3,713.9 by 10:14 PM ET (03:15 AM GMT), tumbling from above $3,800 last week to hover around the $3,700 range this week.

Ethereum was down 3.31% to $125.79, XRP slipped 2.53% to $0.30205 and Litecoin lost 4.25% to $46.01 over the past 24 hours.

The crypto market cap lost $4 billion since the beginning of March to $126 billion on Tuesday.

Governments and corporations are moving to put digital assets under their watch.

Russia rolled out special regulations for “Russian offshores” that include cryptocurrencies, according to Russian news agency TASS. These “Russian offshores” are where companies can legitimately be exempt from paying taxes or operate under more relaxed regulatory structures. Part of these special regulations cover digital assets and shipping.

“It is clear that this is cryptocurrency, but for now we are speaking more generally,” Ilya Torosov, Deputy Minister of Economic Development of Russia, told TASS.

Russia is moving fast to put crypto under its regulatory framework. Last week, President Putin ordered that these digital assets be regulated by July 1 of this year. The Russian State Duma will also review and adopt new crypto regulations this month.

Meanwhile, Ernst & Young, one of the global Big Four auditing and professional services providers, launched EY Crypto-Asset Accounting and Tax tool for accounting and tax calculations for cryptocurrency transactions. The tool will be used to serve its institutional clients that have crypto-assets on their balance sheets and institutional and individual clients who trade digital assets on a smaller scale.

The company said it could source transaction-level information from virtually all major exchanges and prepare IRS tax returns related to crypto-assets.

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