- Russia officially recognizes cryptocurrencies as taxable property.
- Crypto miners must register with the Federal Tax Service starting November 2024.
- Income from crypto transactions will face a 13%-15% tax from 2025.
- Law aims to regulate and legitimize crypto while exploring its economic potential.
In a big move for Russia’s crypto landscape, President Vladimir Putin has signed a new law that sets clear rules for taxing cryptocurrency transactions and mining.
https://twitter.com/Ashcryptoreal/status/1862450061394768121
This marks a turning point for how digital assets will be treated in the country, bringing them into the legal framework and setting the stage for broader adoption.
What the New Law Says
Here’s what the law means for crypto users and miners:
- Starting November 2024, anyone involved in crypto mining will need to register with Russia’s Federal Tax Service.
- From January 2025, income from crypto transactions will be taxed like earnings from securities:
- 13% tax for annual earnings under 2.4 million rubles (about $22,640).
- 15% tax for higher earnings.
- Mining-related expenses can be deducted, but the purchase price of cryptocurrencies can’t exceed the market value plus 20%.
This means if you’re mining or trading crypto in Russia, you’ll need to start keeping a close eye on your transactions and earnings.
Why This Matters
For years, Russia has been sitting on the sidelines when it comes to regulating crypto. This new law is a huge step forward, bringing some much-needed clarity to the industry. By treating digital assets as property and creating a tax framework, the government is aiming to make crypto a legitimate part of the economy.
https://twitter.com/CryptoMichNL/status/1862587340528537993
The law also signals that Russia is serious about tapping into crypto’s potential for both domestic and international trade. There’s even talk of creating regulated platforms for crypto exchanges and spot trading, which could make it easier for businesses and individuals to use digital currencies in everyday transactions.
What’s Next for Crypto in Russia?
While this new law is a positive move toward regulation, it’s also a reminder that the crypto space is evolving fast. For miners, traders, and even casual investors in Russia, the days of operating without oversight are coming to an end.
At the same time, this could be a big opportunity for the crypto community. With clear rules in place, more businesses and individuals might feel comfortable exploring digital assets. And for Russia, this could mean more tax revenue and a chance to position itself as a leader in the global crypto market.
As the law takes effect, all eyes will be on how Russia enforces these new rules and whether they succeed in creating a fair and thriving crypto ecosystem.
