Putin on November 29, 2024, represents a transformative shift in the country's approach to digital assets. This move positions Russia as a potential leader in blockchain technology and introduces clarity for crypto investors and businesses operating in the country.
Key provisions include:
1. Taxation Changes:
VAT exemption on mining and crypto transactions.
A tiered income tax: 13% on earnings up to 2.4 million rubles (~$22,900), and 15% on earnings beyond that.
Corporate mining will be taxed at 25% starting in 2025.
2. Mining Regulations:
Mining operators must report user activity to tax authorities, with penalties for non-compliance.
Mining income is classified as non-cash, allowing tax deductions.
3. Global Trade Framework:
A pilot program will allow the use of cryptocurrencies in international trade, reducing reliance on traditional financial systems.
While this move boosts investor confidence and opens new trade opportunities, it also brings challenges like increased compliance and reporting requirements. For Binance users, this development means more trading volume, liquidity, and new opportunities for mining and cross-border transactions.
This legislation could set a precedent for other countries to adopt similar frameworks, signaling a new era for glo
bal cryptocurrency regulation.#NFTIsBack #MicrosoftBTCInvestmentVote #Share1BNBDaily #BinanceBNSOLPYTH #Write2Earn!
