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Russia’s Federation Council, which is the country’s upper house of parliament, has approved a federal bill that introduces new taxes on crypto transactions as Bitcoin hits all-time high against Russia’s national currency, the ruble.
Approved on Nov. 27, imposes a 13%-15% personal income tax on all digital currency transactions. Russian crypto miners are also exempt from valued-added tax (VAT) on all mined coins under this new legislation.
New Russia Tax Bill Awaits The Signature Of Vladimir Putin
Digital currency, including any digital currency used for payments under foreign trade agreements within the country’s experimental legal crypto regime, is recognized as property in the new bill.
Russia’s crypto mining operators will have to report all important information regarding their mining services to local authorities as well. Any failure to comply will result in fines of 40,000 rubles, which is around $360.
The bill passed 3 readings in the State Duma before it received the approval from the Federal Council. In order for the bill to come into law, it will now need a signature from Russia’s president Vladimir Putin. Thereafter, it will take effect once it has officially been published.
Bitcoin Hits All-Time High Against The Ruble As US BTC ETFs Break Outflow Streak
The approval of the new bill from Russia’s Federation Council comes as the leading crypto trades at all-time highs against the ruble. Yesterday, Bitcoin’s price set a new record against Russia’s national currency and reached roughly 11 million rubles, according to Coinbase data.
In addition to Bitcoin setting a new best against the ruble yesterday, US spot Bitcoin ETFs (exchange-traded funds) also managed to break their two-day outflow streak. Farside Investors data shows the funds recorded $103 million inflows collectively on Nov. 27.
𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗘𝗧𝗙 𝗙𝗹𝗼𝘄 (𝗨𝗦$ 𝗺𝗶𝗹𝗹𝗶𝗼𝗻) – 2024-11-27
TOTAL NET FLOW: 103
IBIT: 0
FBTC: 40.2
BITB: 48
ARKB: 0
BTCO: 0
EZBC: 2.8
BRRR: 0
HODL: 0
BTCW: 0
GBTC: 0
BTC: 12For all the data & disclaimers visit:https://t.co/Wg6Qpn0Pqw
— Farside Investors (@FarsideUK) November 28, 2024
Fidelity’s FBTC, Bitwise’s BITB, Franklin’s EZBC and Grayscale’s BTC all recorded inflows during yesterday’s trading session. The other funds registered no new flows.
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