The new crypto taxation regime has been approved by the Russian Government, just as BTC has reached all-time highs against Russia’s national currency, the ruble.
As Bitcoin surpasses all-time highs against the ruble, the Russian government is in a hurry to implement new cryptocurrency taxes.
A federal bill introducing new taxes on cryptocurrency transactions has been approved by Russia’s Federation Council, the country’s upper chamber of parliament.
The legislation, which was authorized on November 27, acknowledges digital currencies as property and imposes a personal income tax of 13%–15% on cryptocurrency sales.
It also exempts Russian crypto miners from value-added tax (VAT) on mined coins.
The measure was approved by the Federation Council after passing three readings in the State Duma. It is currently pending President Vladimir Putin’s assent to become law.
Once signed, it will be effective upon its official publication.
Crypto Miners Must Report Their Activities To Russian Government
The measure recognizes digital currency as property, including digital currency used as a means of payment under foreign trade agreements within Russia’s experimental legal crypto regime.
Russia’s mining infrastructure operators are required to provide local authorities with pertinent information regarding the provision of crypto-mining services for tax control purposes.
Fines of 40,000 rubles (approximately $360) will be imposed for noncompliance.
Furthermore, authorized mining infrastructure operators will not be subject to taxation within the Russian Federation.
Against Ruble, Bitcoin Is Currently Trading At All-Time Highs
As Bitcoin trades at all-time highs against Russia’s national currency, the ruble, the Russian Government has approved the new crypto taxation regime.
According to Coinbase data, the price of Bitcoin reached a new all-time peak against the ruble on November 27, reaching approximately 11 million rubles.
This rally is partially driven by the ruble’s depreciation against the United States dollar and the global rise of Bitcoin, which has reached prices of nearly $100,000.
The price of the US dollar against the ruble reached a multiyear high of 113 rubles per dollar on November 27, a level that was briefly observed in March 2022 in response to Russia’s announcement of a “special military operation” in Ukraine.
111 rubles are presently worth $1.00, a 25% increase from the previous year, according to TradingView data.
