Putin Signs Law Recognizing Crypto as Property
Russia has taken a significant step towards embracing cryptocurrencies by recognizing Bitcoin as legal property for trade. This move is part of a new crypto taxation framework approved by the Russian Federation Council .
Here are the key implications of this development:
- Recognition as Property: Bitcoin and other digital currencies are now officially recognized as property in Russia, allowing individuals and businesses to trade and invest in them with greater clarity and security.
- Taxation Framework: The new framework introduces a 13% to 15% personal income tax on profits from cryptocurrency sales. However, mined coins are exempt from value-added tax (VAT).
- Mining Regulations: Crypto mining operators are required to report their activities to local authorities, with fines of up to 40,000 rubles (approximately $360) for non-compliance.
- Impact on Bitcoin Price: The recognition of Bitcoin as legal property has coincided with a surge in its price against the Russian ruble, reaching an all-time high of approximately 11 million rubles.
Overall, Russia's recognition of Bitcoin as legal property marks a significant milestone in the country's growing acceptance of cryptocurrencies.
#ThanksgivingBTCMoves #AIAndGameFiBoom #BinanceBNSOLPYTH #BitwiseFiles10ETFs #BSCOnTheRise