Cryptocurrency

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/putin-approves-law-recognizing-cryptocurrencies-as-property-for-foreign-trade/" data-wpel-link="internal">Putin Approves Law Recognizing Cryptocurrencies as Property for Foreign Trade</a><br></p>
<p style="text-align: justify">Russian President Vladimir Putin has signed a law that recognizes cryptocurrencies as property in foreign trade transactions. This new regulation exempts <a href="https://en.coin-turk.com/bitfarms-gears-up-for-bitcoin-halving-with-major-miner-purchase/" data-wpel-link="internal"></a><a href="https://en.coin-turk.com/ledgers-co-founder-eric-larcheveque-responds-to-backlash-over-ledger-recover-update/" data-wpel-link="internal">cryptocurrency</a> mining and sales from value-added tax (VAT). According to the state news agency TASS, the law clarifies details regarding the reporting of mining activities.</p> 
<h2 style="text-align: justify" id="strong-taxation-of-cryptocurrency-mining-income-strong"><strong>Taxation of Cryptocurrency Mining Income</strong></h2> 
<p style="text-align: justify">Under the law, cryptocurrency mining income will be classified as “in-kind income” and taxed based on market conditions. Mining expenses can be deducted from the taxable base. Individual investors will face a two-tier tax system for cryptocurrency income, with a 13% tax on earnings up to 2.4 million Russian rubles, and a 15% tax on income exceeding this amount. From 2025, companies engaged in cryptocurrency mining will be subject to a standard corporate tax rate of 25% on their earnings.</p> 
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  Russian President Vladimir Putin
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<p style="text-align: justify">However, those engaging in cryptocurrency mining and trading will not benefit from certain tax advantages. The simplified taxation system, which previously allowed for agricultural taxes and self-employed status, has been removed for these individuals. Additionally, patent systems and automated simplified taxation methods will also not apply to them.</p> 
<h2 style="text-align: justify" id="strong-reporting-obligations-for-mining-infrastructure-operators-strong"><strong>Reporting Obligations for Mining Infrastructure Operators</strong></h2> 
<p style="text-align: justify">The new regulation imposes comprehensive reporting obligations on mining infrastructure operators. They must report their customers’ information to tax authorities. Failure to comply with this obligation may result in fines of up to 40,000 Russian rubles.</p> 
<p style="text-align: justify">Most of the law will take effect from the date of publication, although transitional provisions are anticipated for some articles. In August, another law was signed, limiting cryptocurrency mining activities to registered entities. Through these regulations, Russia aims to make its <a href="https://en.coin-turk.com/kamala-harris-matches-donald-trump-in-presidential-election-odds/" data-wpel-link="internal">cryptocurrency market</a> more transparent and manageable.</p> 
<p>The post <a href="https://en.coin-turk.com/putin-approves-law-recognizing-cryptocurrencies-as-property-for-foreign-trade/" data-wpel-link="internal">Putin Approves Law Recognizing Cryptocurrencies as Property for Foreign Trade</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.</p>

Putin Approves Law Recognizing Cryptocurrencies as Property for Foreign Trade

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