urgent ๐จ๐จ๐จ
Russian President Putin signs law recognizing Bitcoin and cryptocurrencies as property, exempting them from VAT.
๐๐๐๐
A big step to boost digital currencies in the world ๐
Russian President Vladimir Putin has approved new legislation that creates a tax framework for cryptocurrencies, recognizing digital assets like Bitcoin as property under the Russian Internal Revenue Code.
๐ Bitcoin Mining Income Taxation ๐
The legislation exempts cryptocurrency mining and sales from value-added tax (VAT) and imposes tax obligations on mining companies. Mining income will be taxed as personal income at a rate of 13%, rising to 15% for annual income exceeding 2.4 million rubles starting in 2025. Mining companies will also have to report user data to the authorities.
๐ Trials for Cross-Border Transactions ๐
The new law complements previous measures, such as the legalization of cryptocurrency mining in August 2024, which allows Russian legal entities and individual entrepreneurs to engage in mining, with exemptions for individuals who stay within specified energy consumption limits. Foreign digital financial assets can also be traded on Russian crypto platforms, with the Bank of Russia overseeing the listings to protect financial stability.ย
๐ Legalizing Crypto Mining ๐
In addition, Russia has launched trials of cross-border cryptocurrency transactions to address challenges posed by international sanctions, using a national payment card system for ruble-to-cryptocurrency exchanges. Putin stressed the need for a strong legal framework to boost crypto adoption and its potential for economic growth.
#ThanksgivingBTCMoves #AIAndGameFiBoom #BinanceBNSOLPYTH #BitwiseFiles10ETFs #BTCโ $BTC
