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What will be the most significant challenge for Russian crypto miners by end of 2024?
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Story
Putin Signs Crypto Law: 15% Tax, VAT Exemption
Nov 29, 2024, 12:10 AM
Russia has enacted a new law redefining cryptocurrency regulations, following approval by its upper house of parliament, the Federation Council. The legislation imposes a 15% tax on profits from crypto mining and trading, a 13% personal income tax on cryptocurrency sales, and exempts cryptocurrency transactions from value-added tax (VAT). Additionally, cryptocurrency is now officially recognized as property, allowing its use in foreign trade under an experimental legal framework. Mining companies are required to report client data to tax authorities and adhere to the standard corporate income tax rate. Russian President Vladimir Putin has signed the law, marking a significant shift in the country’s approach to digital currency regulation.
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