This groundbreaking legislation introduces a structured framework for taxation, mining, and transactions, providing clarity and transparency for crypto enthusiasts, businesses, and investors ¹.
The law exempts mining and transactions from Value-Added Tax (VAT), reducing operational costs. Personal income tax rates are set at 13% for income up to 2.4 million rubles (~$22,900) and 15% for income above this threshold. Corporate mining taxes will be 25% starting from 2025 ¹.
Mining operators are required to report user activities to tax authorities, with non-compliance penalties ranging from 40,000 rubles (~$382) in fines. The law also introduces an experimental framework for cryptocurrencies in foreign trade, positioning Russia to leverage blockchain for cross-border transactions ¹.
This development is expected to boost Russia's crypto adoption, driving increased trading activity and liquidity on platforms like Binance. With clearer regulations, institutional players may enter the mining space, creating opportunities for tools like Binance Pool!
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