Russia Approves New Crypto Taxation Framework
28 Nov, 2024 ● Crypto News
The Russian government is accelerating efforts to implement new cryptocurrency taxes as Bitcoin reaches unprecedented highs against the ruble.
On Nov. 27, Russia's Federation Council, the upper house of parliament, approved a federal bill introducing new taxes on cryptocurrency transactions.
The legislation recognizes digital currencies as property and imposes a personal income tax of 13%–15% on cryptocurrency sales.
Additionally, it exempts Russian crypto miners from value-added tax (VAT) on mined coins.
The bill previously passed three readings in the State Duma before gaining approval from the Federation Council.
It now awaits President Vladimir Putin's signature to become law. Once signed, the legislation will take effect upon official publication.
Under the new bill, digital currencies are formally recognized as property, including those used for payments in foreign trade agreements under Russia’s experimental legal crypto framework.
Mining infrastructure operators in Russia will be required to report their crypto-mining activities to local authorities for tax control purposes.
However, services provided by authorized mining infrastructure operators will be exempt from taxation within Russia.
The Federation Council's approval coincides with Bitcoin trading at all-time highs against the ruble.
On Nov. 27, Bitcoin's price reached approximately 11 million rubles, according to Coinbase data.
This surge is driven partly by Bitcoin’s global price rally, nearing $100,000, and the depreciation of the ruble against the US dollar.
On the same day, the exchange rate of the US dollar to the ruble hit a multiyear high of 113 rubles per dollar, a level briefly seen in March 2022 after Russia announced its “special military operation” in Ukraine.
According to TradingView data, the ruble has weakened by 25% over the past year, with $1.00 now equivalent to 111 rubles.
Sources:
https://cointelegraph.com/news/russian-new-crypto-taxation-framework-state-duma
https://sozd.duma.gov.ru/bill/1065710-7
