According to Bitcoin.com, the Federation Council of the Russian Parliament approved a government-initiated bill on Wednesday that outlines a tax framework for digital currencies. The legislation was passed in a plenary session, having been approved in the lower house, the State Duma, the day before. The new law classifies digital currencies (including currencies used as payment tools under an experimental legal regime) as property under Russian domestic tax law. This classification exempts digital currency mining and sales transactions from value-added tax (VAT), alleviating the financial obligations of industry participants. Furthermore, services provided by authorized organizations facilitating transactions within these experimental regimes will also be tax-exempt. An important provision requires mining infrastructure operators to report personal data of individuals using their systems to tax authorities. Income from digital currency mining will be considered taxable income, forming the basis for personal income tax. Danil Volkov, head of the Russian Ministry of Finance's department, stated that businesses engaged in mining activities must pay taxes at the standard corporate income tax rate.