Russia’s Federation Council Approves New Crypto Tax Bill As Bitcoin Sets New All-Time High Against The Ruble
Russia’s Federation Council, which is the country’s upper house of parliament, has approved a federal bill that introduces new taxes on crypto transactions as Bitcoin hits all-time high against Russia’s national currency, the ruble. Approved on Nov. 27, imposes a 13%-15% personal income tax on all digital currency transactions. Russian crypto miners are also exempt from valued-added tax (VAT) on all mined coins under this new legislation. New Russia Tax Bill Awaits The Signature Of Vladimir Putin Digital currency, including any digital currency used for payments under foreign trade agreements within the country’s experimental legal crypto regime, is recognized as property in the new bill. Russia’s crypto mining operators will have to report all important information regarding their mining services to local authorities as well. Any failure to comply will result in fines of 40,000 rubles, which is around $360. The bill passed 3 readings in the State D...