The Russian government has approved amendments to legislation regulating financial activities related to cryptocurrencies like Bitcoin. These changes aim to integrate crypto operations into the Russian legal and fiscal system.
Legalization of Cryptoassets in Russia
The bill, approved by the State Duma in 2021, was modified by the Ministry of Finance. The amendments introduce taxes on profits from cryptocurrency trading and mining. It is a step towards clearer regulation and reflecting the interests of businesses and the state.
Taxation on Mining and Crypto Trading
New rules for Bitcoin miners require them to report financial results and provide operational data to tax authorities. A 25% tax rate will be implemented in 2025, based on the market value of cryptocurrencies. Mining incomes will be taxed as property.
Bitcoin Market Outlook
Bitcoin is currently priced at $91,982 USD with a daily decline of 0.48%. Over the past week, Bitcoin has gained 4.43%, and its monthly increase of 33.23% demonstrates a strong bullish momentum. Its market cap stands at $1.82 trillion USD with a trading volume of $74.04 billion USD.
Russia's tax reforms for cryptocurrency operations aim to create a balanced regulatory environment that considers the interests of both businesses and the state.
