[Russia approves cryptocurrency tax framework, miners implement a two-stage taxation system] Golden Finance reported that the Russian government's legislative activities committee promoted a cryptocurrency tax bill on November 11, 2024. The bill defines cryptocurrency as property and sets different tax requirements for individual and corporate miners. According to the new regulations, companies must register with the Federal Tax Service to legally carry out mining operations, while individuals with monthly electricity consumption below 6,000 kWh do not need to register. The new framework adopts a two-stage taxation model: the first stage is taxed when the cryptocurrency arrives, and the tax base is calculated based on the closing price of the main exchange; the second stage is taxed when it is sold, and if the selling price is higher than the initial taxable value, an additional tax will be levied. From 2024, individual traders and miners with annual income exceeding 2.4 million rubles will be taxed at a progressive rate of 13% to 22%, and the corporate tax rate will be increased to 25% in 2025. The Industrial Mining Association estimates that these tax measures could bring 50 billion rubles (about $521 million) to the budget each year.