💼🇷🇺 New Era for Crypto in Russia: State Duma Approves Digital Asset Taxation 🪙⚖️
🔥 The Russian State Duma has passed critical amendments to the Tax Code, regulating cryptocurrency and mining taxation. The law will take effect on January 1, 2025, bringing significant changes. 👇
Key Changes
1️⃣ Cryptocurrency as Property: Digital currencies are now officially classified as property for tax purposes.
2️⃣ Income Tax Rates:
Income up to 2.4 million rubles: taxed at 13%.
Income exceeding this amount: taxed at 15%.
3️⃣ Mining Taxation: Income from mining will be subject to a 25% profit tax starting in 2025, calculated based on exchange prices from platforms with trading volumes over 100 billion rubles.
4️⃣ VAT Exemption: Mining and cryptocurrency sales are exempt from Value Added Tax (VAT).
5️⃣ Restrictions for Miners:
Miners cannot use simplified tax regimes.
Mining operators must report on miners or face fines of 40,000 rubles.
Why Does This Matter?
⚡️ Transparency: The new law simplifies crypto market regulation, making it more transparent.
💰 Increased Revenue: The state expects a significant boost in tax income from the crypto industry.
🚫 Challenges for Miners: New restrictions could create difficulties for small and mid-sized miners.
