Putin Signs Law Recognizing Bitcoin as Property in Russia

Russian President Vladimir Putin has signed a new law that officially recognizes Bitcoin and other digital currencies as property in Russia. The law, which is expected to take effect one month after its official publication, deals with the taxation of digital currencies and will not be enforced before the start of the next tax period.

According to the new Tax Code, transactions made using digital currency will not be subject to value-added tax (VAT). The tax rate for individual traders will be 13% for incomes lower than 2.4 million rubles, and 15% for those exceeding that amount. Traders whose volume exceeds 100 billion rubles per day will be considered foreign trading organizers, including exchanges, and will be taxed at 25% from 2025.

Mining Infrastructure Operators Must Report Client Details

The law also requires mining infrastructure operators to report client details to tax authorities. Failure to submit the data will result in a fine of 40,000 rubles.