United

Bitcoin

The Russian government is rushing to enforce new cryptocurrency taxes as Bitcoin smashes all-time highs against Russia’s national currency, the ruble.
Russia’s Federation Council, the country’s upper house of parliament, has <a data-ct-non-breakable="null" href="https://sozd.duma.gov.ru/bill/1065710-7" rel="nofollow noopener" target="_blank" text="null" title="https://sozd.duma.gov.ru/bill/1065710-7">approved</a> a federal bill introducing new taxes on cryptocurrency transactions. 
The legislation, approved on Nov. 27, recognizes digital currencies as property and imposes a 13%–15% personal income tax on cryptocurrency sales. It also exempts Russian crypto miners from value-added tax (VAT) on mined coins.
<figure>
 <img alt="Cryptocurrencies, Russia, Mining, Taxes" src="https://s3.cointelegraph.com/uploads/2024-11/019371ee-2514-7062-b7da-70e12dead82f" title="">
 <figcaption style="text-align: center;">
 Stages of consideration of the bill No. 1065710-7. Source: Sozd.duma.gov.ru
 </figcaption>
</figure>
The bill passed three readings in the State Duma before gaining approval from the Federation Council. It now awaits the signature of President Vladimir Putin to become law. Once signed, it will take effect upon official publication.
<h2 id="strong-russian-crypto-miners-must-report-activity-to-the-government-strong">Russian crypto miners must report activity to the government</h2>
According to the bill, digital currency — including digital currency used as a means of payment under foreign trade agreements within Russia’s experimental legal crypto regime — is recognized as property.
For tax control purposes, Russia’s mining infrastructure operators must report relevant information about the provision of crypto-mining services to local authorities.
Failure to comply will result in fines of 40,000 rubles (about $360).
Additionally, services by authorized mining infrastructure operators will not be subject to taxation on the territory of the Russian Federation.
<h2 id="bitcoin-is-trading-at-all-time-high-levels-against-the-ruble">Bitcoin is trading at all-time high levels against the ruble</h2>
The Federation Council’s approval of the new crypto taxation regime comes as Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) trades at all-time highs against Russia’s national currency, the ruble.
On Nov. 27, the price of Bitcoin hit a new all-time high against the ruble, reaching roughly 11 million rubles, <a data-ct-non-breakable="null" href="https://www.coinbase.com/converter/btc/rub" rel="null" target="null" text="null" title="null">according</a> to data from Coinbase.
<figure>
 <img alt="Cryptocurrencies, Russia, Mining, Taxes" src="https://s3.cointelegraph.com/uploads/2024-11/019371ed-5b0c-7421-a667-e13de27d4bc4" title="">
 <figcaption style="text-align: center;">
 Bitcoin price in Russian rubles, 30-day price chart. Source: Coinbase
 </figcaption>
</figure>
This rally is partly fueled by Bitcoin’s global rise, with prices nearing $100,000 and the ruble’s depreciation against the United States dollar.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/russia-crypto-mining-ban-13-regions-electricity" rel="null" target="null" text="null" title="null">Russia plans to restrict crypto mining in 13 regions to save electricity</a>
On Nov. 27, the price of the US dollar against the ruble hit a multiyear high of 113 rubles per dollar, which was previously briefly seen in March 2022 following Russia’s announcement of a “special military operation” in Ukraine.
<a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/USDRUB/" rel="null" target="null" text="null" title="null">According</a> to TradingView data, $1.00 is currently worth 111 rubles, up 25% over the past year.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/crypto-four-years-grow-cant-be-shut-down-kain-warwick-infinex/" rel="null" target="null" text="null" title="null">Crypto has 4 years to grow so big ‘no one can shut it down’: Kain Warwick, Infinex</a>

Russian gov’t approves new crypto taxation framework

Table of Contents

Cointelegraph

Other articles published on Nov 28, 2024

Beyond Bitcoin: The next big trade and the real reason long-term holders are cashing out

SHIB Price Poised for Takeoff as Burn Rate Skyrockets 23,000%!

Bybit’s Super6 Celebration: Supercharge bbSOL with $1.2M in Rewards

Elon MAGA Solana Memecoin to Surge 18,000% Before Exchange Listing, As SHIB. BONK and Dogecoin Lag

Hege Price Prediction: HEGE Soars 35% As Traders FOMO Buy This PEPE Upgrade For Thanksgiving A Wi...

BNB Chain Enhances Tokenization with NFT Loyalty Program Rollout

Join our free newsletter for daily crypto updates!