Russia creates tax haven in Crimea, in response to US sanctions

The United States adopts strict economic sanctions against Russia. Meanwhile, the Kremlin seeks to overcome financial barriers by using cryptocurrencies.

Good news for Cryptocurrencies on the side of Crimea

Anatoly Aksakov, President of the Financial Markets Committee

Anatoly Aksakov, the chairman of the Financial Markets Committee of the Russian State Duma supports the idea of a tax haven for cryptocurrencies in Crimea. This initiative is also on the sidelines of the Yalta International Economic Forum. He stated

Yes, a tax haven in Crimea is a good idea. Here, all the conditions are there for that. In addition, local businesses need investment, and attracting them with tokens is a good option.

As a result, Crimea could become a welcoming place for cryptocurrency exchanges and a jurisdiction open to Initial Coin Offering (ICO) projects.

"Mining (crypto-currency) for Crimea is an illusion. But the ICO and the exchange of crypto-currencies are very real. I know there are organizations working hard on this file, " he added.

All the more reason, the Cryptoruble, the national cryptocurrency of Russia, must have a single issuing center, represented by the Central Bank. For the moment, there is no plan for this, at least not in the next two years. "However, this subject deserves reflection," said Aksakov.

Mobilize around Crimea and the Kaliningrad region

Alexander Shokhin

Alexander Shokhin, head of the Russian Union of Industrialists and Entrepreneurs (RSPP), also supports the idea of a tax haven in Crimea. "We need to create specific areas for the necessary facilities in Crimea and Kaliningrad," he suggested in an interview with the state media, saying:

I think that Crimea and the Kaliningrad region are both able to obtain this tax haven status. The Kaliningrad region has long been home to a kind of customs paradise.

"First of all, I'm talking about these structures that are common in Luxembourg, the Netherlands, and so on," explained Shokhin. This is a competitive infrastructure launch opportunity, a chance to be seized. Some notable changes, including fiscal indulgence without any tax burden will have to be developed.

What do you think of the tax haven created in Crimea in response to US sanctions? Comment in the comments section below.

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