Russian President Vladimir Putin has signed a law introducing a tax on income and expenditures derived from mining, buying and selling digital currencies.
What happened: The bill, published on the official legal information portal, would recognize digital currencies as assets for tax purposes and establish a tax framework to regulate crypto-related activities, Russian news agency Interfax reported. Ta.
From 2025, income from digital currency transactions will be taxed like securities, with personal income tax rates set at 13% for annual incomes below 2.4 million rubles (approximately $22,640) and 15% for those above. be done.
This law outlines specific rules for calculating the tax base for Bitcoin BTC/USD mining and trading.
Mining-related expenses are deductible, but the purchase price of virtual currency cannot exceed the market rate plus 20%.
Also read: This cryptocurrency “killer app” could grow 1,000% under Trump: Report
Why it matters: This measure is part of a broader effort to regulate and legalize crypto-related activities within Russia.
Discussions continue regarding the legalization of virtual currency exchanges and the creation of spot trading platforms for digital currencies.
The law will bring major changes to the regulation of virtual currency activities in Russia and will come into force upon official announcement, with some provisions expected to come into force in January 2025.
The adoption of this framework highlights Russia's approach to integrating cryptocurrencies into its legal system and enabling taxation while exploring the utility of cryptocurrencies in domestic and international trade.
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