Russia Approves Groundbreaking Crypto Tax Law, Changing the Digital Currency Landscape

Russia’s newly approved crypto tax law represents a major shift in digital currency regulations. Passed by the Federation Council, the law classifies digital currencies, including those used in experimental regimes, as property under the Russian Internal Revenue Code.

This means mining and sales transactions are exempt from value-added tax (VAT), easing financial obligations for the sector. It also requires mining infrastructure operators to report user data to tax authorities, with digital currency mining revenues classified as taxable income. Businesses involved in mining will pay standard corporate income tax rates.

These regulations aim to provide legal clarity, transparency, and controlled growth in the cryptocurrency sector, aligning with national economic goals.

Clever Robot News Desk 29^th November 2024