The Russian Federation Council’s approval of the new crypto taxation regime comes amid Bitcoin hitting all-time highs against Russia’s national currency, the ruble.
The Russian government is rushing to enforce new cryptocurrency taxes as Bitcoin smashes all-time highs against Russia’s national currency, the ruble.
Russia’s Federation Council, the country’s upper house of parliament, has approved a federal bill introducing new taxes on cryptocurrency transactions.
The legislation, approved on Nov. 27, recognizes digital currencies as property and imposes a 13%–15% personal income tax on cryptocurrency sales. It also exempts Russian crypto miners from value-added tax (VAT) on mined coins.
