Russia has officially implemented a taxation framework for cryptocurrencies and mining activities. The Federation Council of Russia has passed extensive amendments to the Tax Code, outlining the tax regulations for digital assets like Bitcoin. The new law, titled “On Amendments to Parts One and Two of the Tax Code of the Russian Federation and Certain Legislative Acts of the Russian Federation,” aims to regulate the rapidly expanding crypto industry and ensure compliance with tax laws. Under this legislation, digital currencies are classified as property for tax purposes, providing clarity and aligning with Russia's regulatory objectives. The Tax Code now subjects income from crypto transactions to a progressive personal income tax system, with rates ranging from 13% to 15%. The law also requires mining operators to report detailed information to local tax authorities, enhancing transparency and addressing regulatory concerns. Certain crypto activities are exempt from value-added tax, providing incentives for miners and crypto businesses. These measures are part of Russia's broader strategy to integrate digital currencies into the financial system while managing risks associated with unregulated markets. Read more AI-generated news on: https://app.chaingpt.org/news

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