In a significant move for the cryptocurrency landscape, President Vladimir Путин has enacted a new law that establishes a legal framework for the taxation of Bitcoin mining and transactions in Russia. As stated in the official source, this legislation marks a pivotal step in recognizing digital currencies as legitimate property under Russian law.
New Law Classifies Bitcoin as Property
The newly signed law classifies Bitcoin and other digital currencies as property, which allows for a structured approach to taxation. It specifically includes cryptocurrencies used for foreign trade settlements, falling under the Experimental Legal Regime aimed at fostering digital innovation in the country.
Exemption of Bitcoin Mining and Sales from VAT
One of the most notable aspects of this legislation is the exemption of Bitcoin mining and sales from value-added tax (VAT). This exemption is expected to encourage further investment in the cryptocurrency sector, potentially leading to a more robust market as investors seek to capitalize on the favorable regulatory environment.
In contrast to Russia's recent legal framework for cryptocurrency taxation, Spain is set to implement the DAC8 tax reporting regulations starting January 1, 2026. This initiative aims to enhance tax compliance in the crypto sector. For more details, see DAC8 regulations.
