<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/russia-enacts-tax-laws-for-crypto-activities" data-wpel-link="internal" rel="noopener noreferrer nofollow">Russia Enacts Tax Laws for Crypto Activities</a><br></p>
<p style="text-align: justify">The Federation Council of Russia has given the green light to new tax legislation that targets cryptocurrency transactions and mining. This significant move awaits only President Vladimir Putin’s approval to be enacted into law. Notably, the new regulation exempts cryptocurrency transactions from value-added tax (VAT), paving the way for a more structured taxation framework in the digital currency sector.</p>
<h2 style="text-align: justify" id="strong-what-are-the-key-provisions-of-the-new-bill-strong"><strong>What are the Key Provisions of the New Bill?</strong></h2>
<p style="text-align: justify">On Wednesday, the Federation Council announced the bill’s approval, following the State Duma’s acceptance the previous day. The legislation classifies cryptocurrencies as property, setting the stage for their taxation. While transactions will be free from VAT, income from trading cryptocurrencies will be taxed similarly to capital gains, potentially reaching 15% for personal income tax.</p>
<h2 style="text-align: justify" id="strong-how-will-crypto-mining-be-regulated-strong"><strong>How Will Crypto Mining Be Regulated?</strong></h2>
<p style="text-align: justify">The new law imposes rigorous reporting obligations on cryptocurrency mining operators, who must disclose client information to tax authorities. This initiative aims to enhance transparency in mining operations, especially given that Russia’s energy-intensive crypto mining industry has faced recent scrutiny regarding unregistered usage limits.</p>
<p style="text-align: justify">Key implications of the new legislation include:</p>
<ul>
 <li>Exemption of cryptocurrency transactions from VAT.</li>
 <li>Taxation of trading income at rates up to 15%.</li>
 <li>Mandatory reporting for mining operators to ensure compliance.</li>
 <li>Regulation on energy consumption for unregistered miners.</li>
</ul>
<p style="text-align: justify">The progress of this bill signifies Russia’s commitment to formalizing cryptocurrency regulation, aiming for broader oversight and increased tax revenue from this burgeoning sector. The legislation will come into force following the President’s signature, strengthening the country’s regulatory framework in cryptocurrency affairs.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span> <a href="https://en.bitcoinhaber.net/russia-enacts-tax-laws-for-crypto-activities" data-wpel-link="internal" rel="noopener noreferrer nofollow">Russia Enacts Tax Laws for Crypto Activities</a></h5>

Russia Enacts Tax Laws for Crypto Activities

Table of Contents

BH NEWS

Other articles published on Nov 28, 2024

Cryptopia Launches Public Open Beta on SKALE: Built Different for the Future of Gaming

IREN Stock Surges 30% on AI Interest and Bitcoin Dividend Prospects

Is Shibarium About to Get a Major Upgrade with CCIP?

Crypto: Ethereum’s L2s Explode To $51 Billion, Is ETH In Danger?

Crypto thrives in India despite ‘discouraging’ taxes — Local community

Best Altcoin to Buy this Week: Qubetics Blows Away Minds

Join our free newsletter for daily crypto updates!