Russia approves new crypto tax

Share This Post


FILE PHOTO: The Russian government has approved a federal bill for new taxes on cryptocurrency transactions. 
| Photo Credit: Reuters

The Russian government has approved a federal bill for new taxes on cryptocurrency transactions. Approved by the country’s upper house of parliament, the Federation Council, on November 27, the law imposes between 13%-15% personal income tax on cryptocurrency sales. 

The bill recognises digital currency as property. 

Mining activities have been made exempt from value-added tax (VAT). However, mining operators have to report necessary details about the crypto mining services to local authorities or pay a fine of 40,000 rubles, which amounts to around $360. 

Bitcoin is currently trading at an all-time high against the ruble touching around 11 million rubles, as reported by Coinbase.

Once signed by President Vladimir Putin, the legislation will officially take effect. 

The country has also introduced measures to restrict crypto mining in energy-deficient regions to ensure that mining activities don’t burden the power grid. 



Source link

Related Posts

This Ryzen 7 mini PC with 32GB of RAM just hit its best price yet

It’s small, it’s affordable, and it can help...

OpenAI May Have Screwed Up So Badly That Its Entire Future Is Under Threat

Battle of the titans.Forgiveness or PermissionIn its quest...

Sega killed a bunch of mobile games. Here’s how to save them.

Sega Forever was a brilliant idea in theory....

Doom: The Dark Ages Review: Rip and Tear, Medieval Style

When id Software rebooted Doom in 2016, it...

Investor’s tip to Indian manufacturers: Adopt tech and become ‘Silicon Valley’ for global funds

Given the government's generous incentives, the Indian manufacturing...
- Advertisement -spot_img