Official announcements from BRICS nations or major financial news outlets

Russia Recognizes Crypto as Property, Legalizes Mining, Exempts VAT

Dec 1, 2024, 10:49 PM

Russia has enacted a new law recognizing digital currencies, including Bitcoin, as property under its Tax Code. The legislation, signed by President Vladimir Putin, exempts Bitcoin mining and sales from value-added tax (VAT). In addition, Russia has legalized cryptocurrency mining, requiring miners to register under government oversight. The country is leveraging its significant energy reserves to expand Bitcoin mining operations, particularly through investments in BRICS nations, with the aim of facilitating global trade settlements in Bitcoin. This move is seen as part of Russia's broader strategy to adopt cryptocurrencies amid international sanctions.