On November 27, 2024, Russia's Federation Council approved legislation outlining taxation for digital currencies.
Key Provisions of the New Law
The law classifies digital currencies as property under Russia's Internal Revenue Code, including cryptocurrencies within experimental legal regimes. Mining and sales activities are exempt from value-added tax.
Taxation of Cryptocurrencies
Personal income tax rates on crypto sales are set at 13% and 15% for income above 2.4 million rubles. Mining revenue is subject to the standard corporate income tax rate.
Economic Implications
The new tax regulations come amid economic shifts, such as the ruble reaching a multi-year low of 113 to the dollar. Failure to comply with reporting requirements can result in fines up to 40,000 rubles.
Russia aims to create a transparent and legally sound framework for the crypto industry, contributing to public revenue and economic stability.
