Munzir HakimiTable of Contents
New Crypto Tax
The Russian government is taking critically important steps to regulate cryptocurrency transactions. On November 27, a new federal bill was approved that recognizes digital currencies as property and introduces a personal income tax of 13%–15% on crypto sales.This move comes as Bitcoin reaches all-time highs against the ruble, prompting the need for clearer taxation guidelines.
Key Features of the Legislation
- Tax Recognition: Digital currencies are now classified as property.
- Tax Rates: A personal income tax ranging from 13% to 15% will apply to cryptocurrency sales.
- Mining Exemptions: Russian crypto miners are exempt from value-added tax (VAT) on mined coins.
The bill has passed through three readings in the State Duma and awaits President Vladimir Putin’s signature before becoming law. Once enacted, it will take effect upon official publication.
Reporting Requirements for miners
Under this legislation, mining operators must report their activities to local authorities for tax control purposes. non-compliance could result in fines of approximately $360 (40,000 rubles). authorized mining services will not be taxed within Russia’s territory.
Bitcoin’s Surge Against Ruble
As this legislation unfolds, Bitcoin is trading at unprecedented levels against the ruble—around 11 million rubles per BTC. This surge is attributed to both global market trends and the depreciation of the ruble against major currencies like the US dollar.
Final Thoughts
The introduction of these new taxes marks a pivotal moment in Russia’s approach to cryptocurrency regulation. As digital assets gain popularity and value, clear guidelines are essential for both investors and miners alike.
Reference
- Cointelegraph – Russia approves crypto tax law recognizing Bitcoin
- Coinbase - Bitcoin price converter
