Greetings, crypto enthusiasts! 🌐 Starting January 1, 2025, Russia will introduce new tax rules for digital assets. If you are involved with cryptocurrency — whether it be mining, trading, or storage — here’s what you need to know:
Mining under state control
Operators of mining centers are required to record and provide data on miners using their equipment. A fine of 40,000 rubles is imposed for late submission of reports.
Taxation for individuals
Now income from cryptocurrency operations will be included in the overall tax base, along with securities.
The rate of 13% applies to income up to 2.4 million rubles.
Everything above will be taxed at a rate of 15%.
Mining for legal entities
The profit tax on mining for companies will increase from 20% to 25%. However, operations for the sale of mined coins are exempt from VAT.
Calculation based on cryptocurrency exchange quotes
Income will be calculated based on market quotes from exchanges with a trading volume of 100 billion rubles per day. If you use multiple platforms, you can choose which exchange's data will be used for the calculation.
Cancellation of benefits
Everything that was previously taxed under a simplified tax system, for self-employed individuals or under a patent, now falls under new standards. Benefits for cryptocurrency operations are no longer provided.
What does this mean for the market?
On one hand, the rules aim to legalize the cryptocurrency market. On the other hand, they increase the administrative burden on industry participants.
What do you think, will these changes contribute to market growth or, on the contrary, complicate life for investors and miners? Share your thoughts!
— Alex Vzus
Binance Blog
