Russian President Vladimir Putin Signs Law to Tax Crypto Transactions

Overview of the Legislation

Recently, Russian President Vladimir Putin has approved a new law that implements taxation on income and expenses related to digital currency mining, buying, and selling.

Details of the Law

The law recognizes digital currencies as property under the Tax Code, establishing a tax framework for regulating crypto activities. Starting in 2025, income from digital currency transactions will be taxed similarly to securities, with personal income tax rates at 13% for earnings under 2.4 million rubles and 15% for higher incomes.

Implications of the Law

This legislation marks a significant step towards regulating and legalizing crypto activities in Russia. Discussions are ongoing regarding the legalization of crypto exchanges and the establishment of trading platforms for digital currencies.

The law, set to take effect upon official publication, signifies Russia’s effort to integrate cryptocurrencies into its legal system, enabling taxation and exploring their potential for domestic and international trade.