Bitcoin

<p>The Russian government is moving quickly to implement new cryptocurrency taxes as Bitcoin reaches record highs against the ruble.</p>
<p>On Nov. 27, Russia’s Federation Council, the upper house of parliament, approved a federal bill introducing new tax regulations for cryptocurrency transactions.</p>
<p>The legislation recognizes digital currencies as property and imposes a 13%–15% personal income tax on cryptocurrency sales.</p>
<p>It also exempts Russian crypto miners from value-added tax (VAT) on mined coins.</p>
<h3 class="wp-block-heading" id="legislation-overview">Legislation Overview</h3>
<p>The bill, which passed three readings in the State Duma before Federation Council approval, now awaits President Vladimir Putin’s signature to become law.</p>
<p>Once signed, it will take effect upon official publication.</p>
<p>The bill defines digital currency as property, including those used as payment under foreign trade agreements within Russia’s experimental legal crypto regime.</p>
<h3 class="wp-block-heading" id="reporting-requirements-and-penalties">Reporting Requirements and Penalties</h3>
<p>Russian crypto miners are required to report their activities to local authorities.</p>
<p>Failure to comply will result in fines of 40,000 rubles (approximately $360).</p>
<p>However, services provided by authorized mining infrastructure operators will remain untaxed within Russia.</p>
<h3 class="wp-block-heading" id="bitcoin-hits-record-highs-against-the-ruble">Bitcoin Hits Record Highs Against the Ruble</h3>
<p>The timing of the Federation Council’s approval coincides with Bitcoin’s historic highs against the ruble.</p>
<p>On Nov. 27, Bitcoin reached a new all-time high of approximately 11 million rubles, according to Coinbase data.</p>
<p>This surge is driven by Bitcoin’s global rally, nearing $100,000, and the ruble’s continued depreciation against the U.S. dollar.</p>
<p>The value of the U.S. dollar against the ruble recently hit a multiyear high of 113 rubles per dollar, levels last seen in March 2022 during the onset of Russia’s military actions in Ukraine.</p>
<p>As of now, $1 equals 111 rubles, a 25% increase over the past year, according to TradingView data.</p>
<h3 class="wp-block-heading" id="related-developments">Related Developments</h3>
<p>Russia is also considering limiting crypto mining in 13 regions to conserve electricity.</p>

Russian Government Prepares New Crypto Tax Regulation

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