Putin Signs New Law on Digital Currency Taxation

Russian President Vladimir Putin has recently signed a new law that officially recognizes Bitcoin and other digital currencies as property in Russia. This groundbreaking legislation is set to take effect one month after its official publication, but not before the start of the next tax period.

The new bill introduces significant changes to the taxation of digital currencies. Notably, transactions made using digital currency will not be subject to value-added tax (VAT). For individual traders, the tax rate will be 13% for incomes below 2.4 million rubles, and 15% for those exceeding that amount. Furthermore, traders whose daily trading volume exceeds 100 billion rubles will be considered foreign trading organizers, with a tax rate of 25% from 2025.

Mining Infrastructure Operators are also affected by the new law. They are required to report client details to tax authorities. Failure to do so will result in a fine of 40,000 rubles.