Bitcoin

<a href="https://thecoinrise.com/russia-plans-to-export-cryptocurrencies-like-natural-gas/" rel="noopener noreferrer nofollow">Russia is on the cusp of a major transformation</a> in its approach to crypto tax laws. Russia’s Federation Council has recently approved a tax bill that could reshape the digital asset landscape for traders.&nbsp;
The bill has already passed the State Duma and is awaiting President Vladimir Putin’s signature. This legislative shift comes amid significant economic turbulence for Russia. The country’s official currency, ruble, is in freefall, while Bitcoin is hitting record highs.
<h2 id="b-tax-imposition-on-crypto-transactions-in-russia-b">Tax Imposition on Crypto Transactions in Russia</h2>
Russia is rapidly moving to regulate its crypto sector, recently unveiling a comprehensive tax framework that classifies digital currencies as property. The new framework targets individual traders while offering exemptions for authorized mining operations.
Under the new legislation, cryptocurrency transactions will be subject to a graduated tax system. Individuals earning up to 2.4 million rubles annually, around $21,210 from crypto activities, will be taxed at 13%. While earnings exceeding this amount will be taxed at a higher rate of 15%.
This tax scheme is designed to create a clear system for crypto traders, addressing years of regulatory ambiguity surrounding digital assets in Russia. This is a crucial step toward formalizing the sector. It ensures that individuals and businesses involved in cryptocurrency pay their fair share of taxes.
<h2 id="b-russia-monitors-crypto-mining-and-applies-new-restrictions-b">Russia Monitors Crypto Mining and Applies New Restrictions</h2>
While crypto traders face new tax obligations, the bill relieves miners. Mining operators will be exempt from value-added tax (VAT) on mined coins. This provides a significant incentive for businesses in the mining industry. The exemption applies to coins mined via authorized platforms, creating a clear distinction between regulated and unregulated mining activities.
<a href="https://thecoinrise.com/russia-sets-sight-on-crypto-miners-with-energy-tax-proposal/" rel="noopener noreferrer nofollow">Russia is tightening control over crypto mining</a> by limiting unregistered operations to 6,000 kilowatt-hours of energy per month. Starting December 1, due to electricity shortages, regional mining bans will be imposed until March 2025.&nbsp;
Additionally, mining companies must provide detailed reports about their operations to the Russian tax authorities. Non-compliance with these reporting requirements could lead to fines of up to 40,000 rubles (around $360).&nbsp;
<h2 id="b-bitcoin-hits-new-heights-as-ruble-sinks-driving-record-exchange-traffic-b">Bitcoin Hits New Heights as Ruble Sinks, Driving Record Exchange Traffic</h2>
This legislative overhaul comes at a crucial time for both Bitcoin and the ruble. On November 27, <a href="https://thecoinrise.com/bitcoin-bull-run-analysts-eye-146k-as-market-dynamics-shift/" rel="noopener noreferrer nofollow">Bitcoin hit an all-time high</a> of 11 million rubles per coin. This surge was fueled by a global rally and the ruble’s 25% drop against the U.S. dollar over the past year.
The Bitcoin price surge has directly impacted Russia’s crypto exchange activity. The bearish outlook of the ruble has caused traders and investors to turn to crypto investment. According to MegaFon, global internet traffic to major exchanges has increased by 8%
Russian users account for 27-30% of total traffic on major platforms. Crypto exchanges like Deribit saw a 126% traffic increase, and platforms like HTX and KuCoin recorded increases of 24% and 23%, respectively.
The post <a href="https://thecoinrise.com/russias-new-bill-to-impose-tax-on-crypto-transactions/" rel="noopener noreferrer nofollow">Russia’s New Bill To Impose Tax on Crypto Transactions</a> appeared first on <a href="https://thecoinrise.com/" rel="noopener noreferrer nofollow">TheCoinrise.com</a>.

Russia’s New Bill To Impose Tax on Crypto Transactions

Table of Contents

TheCoinrise Media

Other articles published on Nov 28, 2024

Best Cryptos to Buy in November 2024: Qubetics, Binance, and Fantom for High Gains

“Crypto Dad” Set to Shape America’s Blockchain Future as Trump’s Key Player

Uniswap sets a new record with $38 billion monthly trading volume

Immutable X Turned Skeptics Into Millionaires – Don’t Miss Qubetics, the Best Crypto to Buy Now w...

21Shares Introduces Four New ETPs for Pyth, Ondo, Render, and Near

Solana Price Prediction: Can SOL Reach $300 By 2025? Bitcoin Nears $100K Creating History in Cryp...

Join our free newsletter for daily crypto updates!