Now, Bitcoin & Crypto assets can be treated as property in the jurisdiction of the Russian Federation.
Russia is a very big jurisdiction for the crypto & Bitcoins sector, as a very large population of this country invests in Bitcoin & other digital assets. Over the last 4 years, the crypto sector in this country faced significant ups & downs because of the country’s unclear stance on this innovative sector. The Russian central bank, the Bank of Russia, is popularly known to hate the crypto sector, and the Ministry of Finance many times raised support for this sector.
In the latest development, Russia took an important step by officially recognizing cryptocurrencies as a type of property. The country’s president signed this bill, which means the proposal will become law soon.
🚨Breaking: Putin signs law recognizing digital currency as property, enabling its use in foreign trade settlements.#Bitcoin pic.twitter.com/Qe8rvaWpxa
— Crypto Machan (@CryptomachanX) November 29, 2024
The approval of this law means Bitcoin & other cryptocurrencies are now seen as valuable assets in international trade, just like gold or oil.Many crypto enthusiasts believe that it is going to bring a major shift for the crypto space in Russia as well as Russian allies, as it will allow countries to do business with each other.
In simple words we can say this law now allows the use of cryptocurrencies for trade settlements between countries. But here, people need to know that we can’t call it the legalization of Bitcoin as legal tender.
Russian Crypto tax policy
Just a few days ago, the Russian government also approved a new taxation policy for cryptocurrencies. As per the new norm, Cryptocurrencies are now classified as property & crypto holders will be required to pay a personal income tax of 13% to 15% on the sales of these digital sales.Secondly, Russian digital asset miners are exempt from paying value-added tax (VAT) on the coins they mine.
1. Cryptocurrencies are now classified as property, and individuals must pay a personal income tax of 13% to 15% on crypto sales. 2. Russian crypto miners are exempt from paying value-added tax (VAT) on the coins they mine
— Bitcoinik (@Bitcoinikdotcom) November 29, 2024
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