Russia's Federation Council has approved a federal bill imposing taxes on cryptocurrency transactions ranging from 13% to 15%. This move coincides with Bitcoin reaching a record high against the ruble.
Approval of the New Law by the Federation Council
On November 27, Russia's Federation Council approved a bill that introduces new taxes on cryptocurrency transactions. Under the new legislation, all digital currency transactions will be subject to a personal income tax rate of 13%-15%. Moreover, Russian crypto miners are excluded from paying VAT on mined coins. The approval follows three readings in the State Duma. The bill now awaits the signature of Russian President Vladimir Putin, after which it will come into force.
Bitcoin Reaches Record High Against the Ruble
The approval of the new law by the Federation Council comes as Bitcoin reaches a new record against the Russian ruble. Coinbase data indicates that Bitcoin's price hit 11 million rubles for the first time.
Impact on US Bitcoin ETFs
As Bitcoin hits new highs in Russia, US spot Bitcoin ETFs also saw significant changes. According to Farside Investors, on November 27, the funds experienced inflows totaling $103 million, breaking a two-day outflow streak. Funds such as Fidelity's FBTC, Bitwise's BITB, and Franklin's EZBC reported positive inflows.
Russia's new law on cryptocurrency taxation could significantly influence the crypto market in the country, while Bitcoin continues to set new records against the ruble.
