Russian Government Prepares New Crypto Tax Regulation

The Russian government is moving quickly to implement new cryptocurrency taxes as Bitcoin reaches record highs against the ruble. On Nov. 27, Russia’s Federation Council, the upper house of parliament, approved a federal bill introducing new tax regulations for cryptocurrency transactions. The legislation recognizes digital currencies as property and imposes a 13%–15% personal income tax on cryptocurrency sales. It also exempts Russian crypto miners from value-added tax (VAT) on mined coins. Legislation Overview The bill, which passed three readings in the State Duma before Federation Council approval, now awaits President Vladimir Putin’s signature to become law. Once signed, it will

Source: CryptoIntelligence