Russian President Vladimir Putin Made the Expected Signature for Bitcoin and Cryptocurrencies!

There was a development regarding cryptocurrencies in Russia and Russian President Vladimir Putinsigned the law on cryptocurrencies.

Accordingly, Putin recognizes digital currencies as property and crypto para He signed a new law that exempted mining and sales from Value Added Tax (VAT), thus coming into force.

Under the law signed by Putin, cryptocurrencies will now be officially considered as property and tax regulations on crypto transactions will be reshaped.

This law, which marks a significant change in Russia’s approach towards digital assets, enables the use of cryptocurrencies, especially in foreign trade.

According to the law, cryptocurrency mining and sales will be exempt from VAT. Additionally, transactions within the electronic payment system (EPR), including crypto, will not be subject to tax obligations.

On the other hand, crypto para Mining operators will have to declare their services to tax authorities. If this information is not submitted on time, a fine of 40,000 rubles may be imposed.

Under the new law, income from purchases, sales or other transactions involving cryptocurrency will be taxed under a two-tier system.

Accordingly, 13% tax for income up to 2.4 million rubles; A 15% tax will be applied to income over 2.4 million rubles.

Additionally, mining revenues will be classified as “income in kind” and these earnings will be subject to 25% corporate tax as of 2025.

*This is not investment advice.