Russia Pushes for New Cryptocurrency Taxes as Bitcoin Hits Record Highs Against Ruble
Russia is moving swiftly to implement new cryptocurrency taxes as Bitcoin reaches unprecedented levels against the ruble.
The country’s Federation Council, its upper parliamentary chamber, recently approved a bill that introduces taxes on cryptocurrency transactions.
The bill, passed on November 27, classifies digital currencies as property and outlines a personal income tax of 13% to 15% on profits from cryptocurrency sales. It also provides an exemption from value-added tax (VAT) for Russian crypto miners on mined coins.
Having passed three readings in the State Duma, the legislation now awaits President Vladimir Putin’s signature before becoming law. Once signed, it will take effect upon official publication.
Under the new law, crypto miners in Russia will be required to report their activities to the authorities. Failure to comply will result in fines of up to 40,000 rubles (around $360). However, mining services provided by authorized operators will be exempt from taxation within Russia.
READ MORE: CFTC Calls for Clear Crypto Regulations and Legislative Change
The new tax law arrives as Bitcoin soars to record highs against the ruble. On November 27, the cryptocurrency reached a historic value of approximately 11 million rubles, according to Coinbase data. This surge in Bitcoin’s value is partly due to the global rise of the cryptocurrency and the ongoing decline of the ruble against the US dollar. On the same day, the ruble hit a multiyear low of 113 rubles to the dollar, a level last seen in March 2022 when Russia launched its “special military operation” in Ukraine.
This combination of Bitcoin’s rise and the ruble’s decline underscores the increasing importance of digital currencies in Russia’s economic landscape.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
