The Russian government has approved a new taxation system for cryptocurrencies
The Russian government is rushing to introduce new taxes on cryptocurrency as Bitcoin has reached a historic high against the ruble.
The Federation Council of the Russian Federation, the upper house of the country's parliament, has approved a federal bill introducing new taxes on cryptocurrency transactions.
The bill, approved on November 27, recognizes digital currencies as property and imposes a personal income tax of 13%–15% on the sale of cryptocurrency. It also exempts Russian cryptocurrency miners from value-added tax (VAT) on mined coins.
The bill passed three readings in the State Duma before being approved by the Federation Council. It is now awaiting the signature of President Vladimir Putin to become law. After signing, it will take effect from the moment of official publication.
Russian cryptocurrency miners must report their activities to the government
Failure to comply with the requirements will result in a fine of 40,000 rubles (approximately 360 US dollars).