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 set to take effect one month after its official publication, aims to regulate the taxation of digital currencies and establish clear guidelines for their use.

Under the new regulations, transactions made using digital currency will not be subject to value-added tax (VAT). The tax rate for individual traders will vary depending on their income, with a 13% rate applying to incomes lower than 2.4 million rubles, and a 15% rate for those exceeding that amount. Traders whose volume exceeds 100 billion rubles per day will be considered foreign trading organizers, including exchanges, and will face a 25% tax rate from 2025.

Mining Infrastructure Operators Required to Report Client Details

The law also mandates that mining infrastructure operators report client details to tax authorities. Failure to do so will result in a fine of 40,000 rubles.