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The Russian government has approved a comprehensive crypto tax regime while Bitcoin sets a new all-time high of 11 million rubles. The legislation exempts miners from VAT and imposes income taxes on crypto transactions as the ruble continues to weaken against global currencies.
Bitcoin's All-Time High Spurs Russia's Crypto Tax Initiative
As Bitcoin shatters all-time highs against Russia's official currency, the ruble, the Russian government is hastily implementing additional cryptocurrency levies.
The Federation Council, Russia's upper house of parliament, has given its stamp of approval to a federal measure that would impose additional taxes on bitcoin transactions.
Passed on November 27, the bill classifies cryptocurrencies as property and taxes their sale at a rate of thirteen percent to fifteen percent of the buyer's individual income. The value-added tax (VAT) on coins mined is also removed for Russian crypto miners.
The Federation Council gave its final assent after the measure had gone through three readings in the State Duma. It will become law once President Vladimir Putin signs it. Official publication will cause it to take effect once signed.
Russia Mandates Reporting for Crypto Mining Operations
The measure states that all forms of digital currency, including those utilized as payment in accordance with international trade agreements under Russia's experimental legal crypto framework, are considered property, Cointelegraph shares.
Operators of Russia's mining infrastructure are required by law to notify their respective local governments of pertinent information pertaining to the supply of cryptocurrency mining services in order to facilitate tax control.
A fine of forty thousand rubles (about $360) will be imposed for noncompliance.
On top of that, the Russian Federation will not charge any taxes on services provided by approved operators of mining infrastructure.
As Bitcoin reaches new heights vs the ruble, Russia's national currency, the Federation Council has approved a new crypto taxation framework.
Bitcoin Surges as Ruble Hits Multi-Year Low
Coinbase data shows that the price of Bitcoin reached 11,000,000 rubles on November 27, a new all-time high compared to the ruble.
The fall of the ruble versus the dollar and the worldwide surge of Bitcoin, with prices approaching $100,000, are contributing factors to this rally.
After a brief appearance in March 2022, in response to Russia's announcement of a "special military operation" in Ukraine, the US dollar reached a multi-year high of 113 rubles per dollar on November 27.
One dollar is now worth eleven hundred and ten rubles, a 25% increase from a year ago, according to statistics from TradingView.
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