Russia Crypto Tax: New Bill Impacts Miners and Traders

Russia’s upper house of parliament, the Federation Council, has passed a new bill that introduces taxes on cryptocurrency transactions and mining. The Russia crypto tax bill is now awaiting President Vladimir Putin’s approval to be signed into law.

The Council gave its final approval to the amendments on Wednesday, sealing the deal after the State Duma’s green light on Tuesday. In an official statement, the Federation Council explained that the proposed law was designed to incorporate specific provisions into the Russian Tax Code on the taxation of digital currency transactions.

The amendments aim to exempt cryptocurrency transactions from value-added tax (VAT), while income generated from crypto trading would be taxed at the same rates as securities transactions, with a maximum personal income tax rate of 15%.

When it becomes a law, operators of crypto mining infrastructures will be required to disclose essential client information to tax authorities. Additionally, earnings from mining activities will be taxed according to their market value at the time of receipt.

Russia has been taking steps to tighten regulations around cryptocurrency, with a particular focus on crypto mining. In August 2024, President Vladimir Putin signed a new law that shifted the responsibility for regulating cryptocurrency mining to the Federal Tax Service (FTS).

Additionally, the new law enforces stricter regulations on the locations where cryptocurrency mining can be done. These localized restrictions were introduced in response to power shortages attributed to mining activities.

Russian Central Bank Halts Currency Buying

The news came in the wake of reports that the Russian Central Bank had suspended foreign currency acquisitions for the rest of 2024 as the ruble depreciated. The ruble had fallen to 113 against the dollar, marking its lowest value since March 2022 and the weakest point in over 32 months.

“The deferred purchases will be carried out during the course of 2025,” Russia’s Central Bank said in a statement.

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

Post Views: 45