Official trade reports or announcements from the Russian government

Russia Recognizes Bitcoin as Property; Sets Crypto Tax Rates Up to 15%

Nov 29, 2024, 12:02 PM

Russia has officially recognized Bitcoin and other cryptocurrencies as property under a new law signed by President Vladimir Putin. The legislation, approved by the Federation Council, exempts crypto mining and sales transactions from value-added tax (VAT) and sets personal income tax rates on cryptocurrency sales at 13% for earnings up to 2.4 million rubles and 15% for higher amounts. Crypto mining companies are required to report client data to tax authorities or face fines of 40,000 rubles (approximately $400). Mining income is taxed progressively, with deductions allowed for expenses. The law also enables the use of digital currencies in foreign trade settlements under an experimental legal regime. This move marks a significant shift in Russia's crypto regulation, aiming to provide clarity and oversight in the rapidly evolving digital asset space.