Home Fear & Greed Pools Wallets Dictionary Advertise Facebook Twitter Telegram Reddit Youtube
Market Cap:
24h Vol:
Cryptocurrencies: 11975
Markets: 92589
CoinInsight360.com logo CoinInsight360.com logo
ENG
EST
RUS
TUR
DEU
CHI
KOR
ITA
USD
USD
AED
AFN
ALL
AMD
ANG
AOA
ARS
AUD
AWG
AZN
BAM
BBD
BDT
BGN
BHD
BIF
BMD
BND
BOB
BRL
BTN
BWP
BYN
BZD
CAD
CDF
CHF
CLF
CLP
CNH
CNY
COP
CRC
CUC
CUP
CVE
CZK
DJF
DKK
DOP
DZD
EGP
ERN
ETB
EUR
FJD
FKP
GBP
GEL
GHS
GIP
GMD
GNF
GTQ
GYD
HKD
HNL
HRK
HTG
HUF
IDR
ILS
IMP
INR
ISK
JMD
JOD
JPY
KES
KGS
KHR
KMF
KPW
KRW
KWD
KYD
KZT
LAK
LBP
LKR
LRD
LSL
LYD
MAD
MDL
MGA
MKD
MMK
MNT
MOP
MRU
MUR
MVR
MWK
MXN
MYR
MZN
NAD
NGN
NIO
NOK
NPR
NZD
OMR
PAB
PEN
PGK
PHP
PKR
PLN
PYG
QAR
RON
RSD
RUB
RWF
SAR
SBD
SCR
SDG
SEK
SGD
SHP
SLL
SRD
SSP
STD
STN
SVC
SYP
SZL
THB
TJS
TMT
TND
TOP
TRY
TTD
TWD
TZS
UAH
UGX
UYU
UZS
VES
VND
VUV
WST
ZAR
ZMW
ZWL
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
Market Cap
24h Vol
11975
Cryptocurrencies
54.28%
Bitcoin Share
Bitcoinist 2024-11-30 13:30:31

Russia Officially Classifies Bitcoin As Property With New Legislation Signed By Putin

Russia Officially Classifies Bitcoin As Property With New Legislation Signed By Putin

In a major move towards successfully regulating digital assets in the country, Russian President Vladimir Putin has signed a law that creates a new legal framework for taxing Bitcoin mining and transactions, recognizing them as property and setting the stage for formal taxation. Russia’s New Bitcoin And Crypto Tax Law According to local media reports , digital currencies, including Bitcoin, will be classified as property under the new law. This classification extends to currencies utilized for foreign trade settlements within the Experimental Legal Regime (EPR) framework in digital innovation. Notably, the law stipulates that mining and selling digital currencies will be exempt from value-added tax (VAT), which could incentivize further investment and participation in the crypto market. One of the law’s key provisions requires mining infrastructure operators to report to tax authorities regarding the users of their services for cryptocurrency issuance. Failure to provide this information promptly could result in a fine of 40,000 rubles ($380). Regarding income tax implications, cryptocurrency obtained through mining will be categorized as “in-kind income,” a term typically used to describe non-cash payments made in the form of goods or services. The value of the mined cryptocurrency will be determined based on prevailing market quotes. This income will be subject to a progressive tax scale, allowing for deductions related to mining expenses. 25% Tax Rate Starting In 2025 The law also outlines a two-tier taxation system for income generated from the acquisition, sale, or other forms of cryptocurrency circulation. Income up to 2.4 million rubles ($22,600) will be taxed at a rate of 13%, while any income exceeding this threshold will incur a 15% tax. These earnings will be included in the same tax base as income from securities, bank deposits, and other financial sources. For corporations engaged in Bitcoin mining, a standard income tax rate of 25% will be applied starting in 2025. However, the legislation limits the tax regimes available to organizations and individual entrepreneurs (IPs) involved in cryptocurrency activities. Specifically, these entities will not be permitted to adopt a single agricultural tax, utilize a simplified taxation system, or benefit from the “Automated Simplified Taxation System.” The patent system and self-employed regime will also not apply to Bitcoin mining and transactions . The law is set to take effect upon official publication, with certain provisions subject to different timelines. Transitional provisions have also been included to facilitate the implementation of these regulations. At the time of writing, the leading crypto is trading at $98,500 after a brief 7% correction earlier this week, inching closer to its all-time high of $99,500. Featured image from DALL-E, chart from TradingView.com

Most Read News



Cryptohopper
hardware wallets, hardware , wallets, Crypto Currency, Cryptocurrency hardware wallets, Crypto Apparal, crypto wallet, Cryptocurrency wallets

Market Cap
24h Vol
54.28%
Bitcoin Share
0
Today News
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.