RUSSIA APPROVE TAX LEGISLATION FOR CRYPTO TRANSACTION

Russia has approved a new tax legislation for cryptocurrency transactions.

The bill, which was approved by the Russian Federation Council, introduces a 13-15% personal income tax on cryptocurrency sales.

Additionally, cryptocurrency transactions will be exempt from value-added tax (VAT).

Here are the key points of the new tax legislation:

Taxation of Cryptocurrency Sales: A 13-15% personal income tax will be imposed on cryptocurrency sales.

VAT Exemption: Cryptocurrency transactions will be exempt from VAT.

Mining Regulations: Mining infrastructure operators will be required to report information about persons mining cryptocurrency using their infrastructure to the tax authorities.

Taxation of Mining Income: Income from mining activities will be taxed based on the market value at the time of acquisition.

The new tax legislation is expected to take effect once it is signed into law by President Vladimir Putin.