Value

Bitcoin

There has been a development regarding cryptocurrencies in Russia, and Russian President Vladimir Putin has signed the law on cryptocurrencies.
Accordingly, Putin signed a new law that recognizes digital currencies as property and exempts cryptocurrency mining and sales from Value Added Tax (VAT), and thus it came into force.
Related News: <a href="https://en.bitcoinsistemi.com/tax-on-bitcoin-btc-and-cryptocurrencies-from-russia/" target="_blank" rel="noopener noreferrer nofollow">Tax on Bitcoin (BTC) and Cryptocurrencies from Russia!</a>
Under the law signed by Putin, cryptocurrencies will now officially be considered property and tax regulations on crypto transactions will be reshaped.
This law, which marks a significant change in Russia's approach to digital assets, enables the use of cryptocurrencies, especially in foreign trade.
According to the law, cryptocurrency mining and sales will be exempt from VAT. In addition, transactions within the electronic payment system (EPR), including crypto, will not be subject to tax liabilities.
On the other hand, cryptocurrency mining operators will have to report their services to the tax authorities. Failure to provide this information on time could result in a fine of up to 40,000 rubles.
Under the new law, income from purchases, sales or other transactions involving cryptocurrency will be taxed under a two-tiered system.
Accordingly, a 13% tax will be applied to incomes up to 2.4 million rubles, and a 15% tax will be applied to incomes over 2.4 million rubles.
Additionally, mining revenues will be classified as “income in kind” and these earnings will be subject to a 25% corporate tax as of 2025.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/russian-president-vladimir-putin-signed-the-long-awaited-agreement-for-bitcoin-and-cryptocurrencies/" rel="noopener noreferrer nofollow">Russian President Vladimir Putin Signed the Long-Awaited Agreement for Bitcoin and Cryptocurrencies!</a>

Russian President Vladimir Putin Signed the Long-Awaited Agreement for Bitcoin and Cryptocurrencies!

Bitcoin Sistemi EN

Other articles published on Nov 29, 2024

Floki Takes Valhalla to India with Ambitious Marketing Campaign

Achieve $1.3 Million by 2025 Starting With Just Hundreds in These Revolutionary Meme Coins!

XRP Price Prediction for November 29

Craig Wright Blocked From Appealing COPA Case

Ethereum, HNT, and Qubetics: Top Picks for Crypto Gains

Boyaa Interactive Ditches Ethereum to Bet Big on Bitcoin

Join our free newsletter for daily crypto updates!