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Russia recognizes Bitcoin and cryptocurrencies as property
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THE Russian President Vladimir Putin signed a new law that recognizes Bitcoin and other cryptocurrencies as legal property. The legislation amended a number of provisions of the Tax Code of the Russian Federation.
In this way, the Kremlin now sees cryptocurrencies as assets that Russian citizens can legally own and transact.
Law No. 418-FZ, published this Friday (29) on the official website of the Russian Government, puts the country at the forefront of market regulation.
The law, which comes into force on January 1, 2025, officially recognized Bitcoin and other cryptocurrencies as legal property in Russia. To the same extent, the new legislation amended provisions of the Tax Code of the Russian Federation. With this, he defined the cryptocurrencies as taxable assets. Also according to the new law, income from cryptocurrency mining will also be taxable.
Taxable properties
An interesting innovation of Russia’s new cryptocurrency law is experimental use for transactions. From January onwards, citizens will be able to use cryptocurrencies in commercial transactions within an experimental legal regime.
In principle, the rule applies to foreign trade contracts. The objective of this experimental regime is to test the feasibility of using cryptocurrencies in commercial transactions and evaluate the economic and financial impacts.
The new legislation also establishes rules for the cryptocurrency miningfollowing the same direction as the law signed in August. Firstly, it provided a clear definition of how revenue generated from cryptocurrency mining should be calculated and taxed. Helping the miners to better understand their obligations tax authorities and plan their activities more efficiently.
Among these rules is the obligation of mining infrastructure operators to comply with register and obtain appropriate licenses. Furthermore, they must report your activities and income to tax authorities. The penalties for those who fail to comply with these obligations are severe, with fines of up to 40 thousand rubles.
Miners who comply with the rules will be able to deduct mining operating expenses when calculating your taxable income.
It’s not just Moscow that is looking to the future. After all, other important countries in the East have adopted favorable stances towards cryptocurrencies.
Russia recognizes Bitcoin and cryptocurrencies as property
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Russia recognizes Bitcoin and cryptocurrencies as property
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Russia recognizes Bitcoin and cryptocurrencies as property
