Vladimir Putin Signs Bitcoin and Crypto Tax Regulation Law
Putin approved a measure taxing digital property.
The new rule exempts crypto mining and selling from VAT.
TASS reports that Russian President Vladimir Putin signed a digital asset taxation bill.
The new legislation classifies digital assets as property, including currencies used in international trade payments under the Experimental Legal Regime (EPR) in digital innovation.
Crypto mining and selling are VAT-exempt under the new rule.
Mining infrastructure operators must disclose to tax authorities issuing digital assets for service usage.
Failure to provide vital data on time might result in a 40,000 ruble ($370) penalties.
Mining-obtained crypto, non-monetary income The new legislation classifies mining-derived digital assets as non-monetary income for personal income tax purposes. This is utilized when products or services are exchanged for non-monetary value.
This income will be taxed at a progressive rate, with mining operations expenditures deducted.
A two-stage personal income tax will apply to bitcoin sales and purchases:
These taxes will be grouped with securities, bank deposits, and other income.
Starting in 2025, crypto mining will be taxed at 25% corporate income tax under the new legislation.
The Crypto Industry Is Full with Hope
After Donald Trump won the US election, the crypto sector became bullish.
He will be inaugurated on January 20, 2025, and the crypto sector remains confident about better crypto policies in Washington.
Putin said he was certain Trump will find a solution since he is knowledgeable and experienced.
Putin claimed Trump's family, especially his children, was assaulted and humiliated by judicial proceedings and charges.
Putin said that even Russian mafia do not touch women and children while fighting; only males fight.
The Russian president says this shows how low the US political system has become. He also asked people to pray for Trump's safety amid repeated assassination attempts.
