Putin Signs Law Recognizing Bitcoin as Property

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 implemented before the first day of the next tax period.

Taxation of Digital Currency Transactions

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

Mining Infrastructure Operators Required to Report Client Details

The law also requires mining infrastructure operators to report client details to tax authorities. If they fail to submit the data, they will be charged a fine of 40,000 rubles.