bullish

Bitcoin

<ul> 
 <li aria-level="1">Miners must adhere to specific fiscal guidelines, using exchange rates for tax calculations, with a new 25% rate in 2025.</li> 
 <li aria-level="1">Financial results from bitcoin mining will be taxed as property, aiming to align the interests of businesses with state policies.</li> 
</ul> 
Russian government recently endorsed amendments to legislation aimed at regulating financial activities related to Bitcoin and other crypto currencies, recognizing them in some cases as commodities.&nbsp; 
This <a href="https://t.me/minfin/5943">legislative adjustment</a> is part of an ongoing effort to integrate crypto currency operations within the legal and fiscal framework of Russia, moving them away from a regulatory gray area. 
The law, numbered 1065710-7, originally introduced in 2020 and passed by the State Duma in 2021, is undergoing final review. The amendments proposed by the Ministry of Finance include taxation on profits from cryptocurrency <a href="https://www.ethnews.com/massive-regulation-overhaul-russias-crypto-exchanges-to-face-unprecedented-scrutiny/">trading and mining</a>. 
These changes are designed to reflect the financial outcomes of these activities more accurately, aligning the interests of the business community with state fiscal policies. 
According to the Ministry of Finance, the updates aim to create a balanced regulatory environment that provides clarity without overregulation.&nbsp; 
<blockquote>
 “By taxing the financial results of mining as commodities, we reflect a fair assessment of the activities’ outcomes,” said a spokesperson from the Ministry.&nbsp;
</blockquote> 
This approach helps align the complex dynamics of cryptocurrency operations with conventional business practices. 
<blockquote>
 “As a result of discussions with the business community, a decision was made to tax the financial results of [cryptocurrency] mining as the fairest reflection of the results of this activity. This approach aims to balance the interests of business and the state.” – Ministry of Finance.
</blockquote> 
For <a href="https://www.ethnews.com/russia-and-bitriver-to-expand-bitcoin-mining-across-brics-nations-key-details-revealed/">Bitcoin miners</a>, the new regulations specify that they must report financial results and provide data about their operations to tax authorities. This includes information about individuals using state infrastructure to mine cryptocurrencies. 
Miners’ incomes, derived from the market value of the mined digital currencies, will be taxed as commodities. This means they will be subject to similar fiscal responsibilities as those involved in the real estate market. 
The amendments also detail how to assess taxable income from mining activities. Miners will need to base their tax calculations on the market rates provided by cryptocurrency exchanges, with a proposed tax rate of 25% set to take effect in 2025. This rate will be applied based on the market value of cryptocurrencies at the time they are received. 
The framework ensures that while the financial gains from <a href="https://www.ethnews.com/how-russia-is-leveraging-bitcoin-to-mitigate-western-sanctions/">cryptocurrency transactions</a> are taxed, these operations will not be subjected to the value-added tax (VAT), easing the fiscal burden on cryptocurrency transactions.&nbsp; 
The law is designed to ensure that the income from these transactions is taxed similarly to gains from securities, capping the personal income tax rate for cryptocurrency gains at 15%. 
<div class="cryptoboxes" id="mcw-12344" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="BTC" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
Bitcoin (BTC) is currently priced at $91,982 USD, with a slight daily decline of 0.48%. Over the past week, BTC has gained 4.43%, and its monthly increase of 33.23% highlights strong bullish momentum, contributing to a 117.57% year-to-date surge.&nbsp; 
With a market capitalization of $1.82 trillion USD and a 24-hour trading volume of $74.04 billion USD, Bitcoin demonstrates robust liquidity and active participation. 
<figure id="attachment_106228" aria-describedby="caption-attachment-106228" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-106228" src="https://www.ethnews.com/wp-content/uploads/2024/11/BTCUSDT_2024-11-19_22-29-11.png" alt="BTCUSDT_2024-11-19_22-29-11" width="1581" height="959">
 <figcaption id="caption-attachment-106228" class="wp-caption-text">
 Source: Tradingview
 </figcaption>
</figure> 
Key support lies near $90,000 USD, while resistance at $92,000 USD is critical for a potential rally toward the psychological target of $100,000 USD. However, a failure to break resistance could result in a pullback to support levels around $85,000 USD. 
The post <a href="https://www.ethnews.com/russia-implements-tax-reforms-on-bitcoin-mining-and-crypto-transactions/">Russia Implements Tax Reforms on Bitcoin Mining and Crypto Transactions</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Russia Implements Tax Reforms on Bitcoin Mining and Crypto Transactions

ETHNews

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