The new tax law on cryptocurrencies approved by the upper house in #Russia yesterday was also signed by President #Putin . With this law, cryptocurrencies will be subject to property rights and those raised in international trade/payments.
The tax law on cryptocurrencies of the Federation Council, which is considered the upper house in Russia yesterday, was officially approved by President Vladimir Putin. From now on, regulations will be made within the framework of cryptocurrency rights in Russia.
No VAT on mining
Within the scope of the new law, VAT will not be collected on income from mining activities. However, those who do, the details about the activities, will have to participate in detail with the regional administration they are affiliated with. A tax of 13%-15% will be collected on income from the sales of cryptocurrencies. The corporate income tax in mining will be 25% as of 2025.
Participants in foreign trade
On the other hand, another important issue is that cryptocurrencies will also be used in payments in foreign trade... This law was first approved by the lower house Duma in July. The Central Bank of Russia will also prepare a new infrastructure system to track cryptocurrencies in foreign trade.
Details about this will be provided later.
After this decision was adopted in the Duma in July, the speaker of the parliament, Anatoly Aksakov, used the term "a historic decision was made in terms of looking at the financial world."
Everything changed after the war
Like Russia, it had pursued a policy against cryptocurrencies for a long time. However, the start of the Ukraine war and the heavy sanctions imposed in the Western world caused Putin and his administration to look for alternative ways. This situation caused Russia to change its perspective on cryptocurrencies 180 degrees.
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