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Russia is one step closer to implementing a comprehensive framework for taxing cryptocurrency transactions and mining. Its Federation Council approved a federal bill on November 27, following its passage in the State Duma.
The legislation, which awaits President Vladimir Putins signature to become law, classifies digital currencies as property and exempts crypto transactions from value-added tax (VAT).
New Crypto Framework in Russia
Under the new law, income from cryptocurrency sales will be subject to a personal income tax of 13%- 15%, aligning with the tax rates for securities transactions. Crypto mining operators, however, are also exempt from VAT on mined coins but are required to report their activities to tax authorities. Income derived from mining will be taxed based on the market value of the digital assets at the time of receipt.
Non-compliance with reporting requirements will result in fines of 40,000 rubles, approximately $360. This move comes as Bitcoin reaches record highs against the Russian ruble, reflecting a growing interest in digital currencies within the nation.
The bill also recognizes the use of digital currencies in foreign trade agreements under Russias experimental legal crypto framework.
Notably, authorized mining infrastructure operators services will remain tax-free within the country. Once enacted, these measures aim to formalize Russias crypto economy, providing regulatory clarity while introducing oversight to align with the governments tax objectives.
The latest development comes a week after officials announced plans to curb cryptocurrency mining this winter to prevent electricity shortages.
As reported earlier, mining will be suspended in Siberian regions like Irkutsk and Buryatia from December to mid-March and face similar seasonal bans through 2031.
Year-round bans will take effect in 2024 in the North Caucasus and Russian-controlled areas of Ukraine, including Donetsk and Kherson. Deputy Prime Minister Alexander Novaks government commission approved the measure.
Russias Crypto Exchange Traffic Climbs 8%
Over the past month, Bitcoin has witnessed massive growth nearing $100,000 which spurred global excitement in the cryptocurrency market, including notable activity in Russia.
Research by MegaFon, a leading Russian telecommunications provider, revealed that internet traffic to major crypto exchanges in the country grew by 8% in early November. In addition to Bitcoins price, this spike was also driven in part by recent changes in local cryptocurrency regulations.
This mirrors a global trend, as MegaFons findings indicate an 8% to 10% month-over-month increase in web visits to the 20 most popular crypto exchanges. Russian users accounted for an estimated 27% to 30% of the overall traffic to these platforms, highlighting their growing interest in the evolving crypto market.
Read more: https://cryptopotato.com/russia-advances-crypto-taxation-bill-awaiting-putins-signature/
Text source: CryptoPotato
AA News Crypto News Russia Taxation Written by Chayanika Deka On Sat, 30 Nov 2024 Disclaimer: Financial information and news are not financial advice, read the disclaimer. Buy & sell Crypto in minutesJoin BINANCE!
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