As a seasoned analyst with a keen eye for global economic trends and a particular fascination for cryptocurrencies, I find myself intrigued by Russia’s latest moves in the digital currency space. Having lived through the turbulent times of the ruble crisis and witnessed the resilience of the Russian spirit, I am not surprised to see the nation embracing the volatile yet promising world of Bitcoin and its peers.
The Russian Federation is moving forward with plans to establish a complete system for taxing cryptocurrency transactions and mining. On November 27, this measure was endorsed by the Federation Council after it had already been passed in the State Duma.
The law, yet to be signed by President Vladimir Putin, categorizes digital currencies as forms of property. It also excludes cryptocurrency transactions from being subjected to Value-Added Tax (VAT).
New Crypto Framework in Russia
Under the recent legislation, earnings generated by selling cryptocurrencies will be taxed at a personal income rate of 13%-15%, similar to that applied for securities transactions. Cryptocurrency miners, on the other hand, are not charged Value Added Tax (VAT) on the coins they mine but must report their mining activities to the tax authorities. The income from mining will be taxed according to the market value of the digital assets when received.
Failing to adhere to reporting obligations could lead to penalties worth around 40,000 rubles, which is roughly $360. This action has been taken as Bitcoin sets new peaks against the Russian ruble, indicating a rising fascination with digital currencies within the country.
This legislation additionally affirms that digital currencies can be utilized within international commerce deals under Russia’s trial regulatory system for cryptocurrencies.
Significantly, the operation of authorized cryptocurrency mining facilities will continue to be exempt from taxes within the nation. Upon implementation, this policy is intended to legitimize Russia’s crypto market, offering regulatory certainty and supervision to match the government’s fiscal goals.
A week ago, authorities unveiled their intention to limit cryptocurrency mining during the winter months to avoid power outages, and now we have news of the next step in this process.
Mining operations in Siberian areas such as Irkutsk and Buryatia are set to halt between December and mid-March, with this practice continuing through 2031 due to seasonal restrictions.
Starting from 2024, I’m expecting a year-round ban to be enforced in the North Caucasus region as well as the Ukrainian territories under Russian control, such as Donetsk and Kherson. This decision has been endorsed by Deputy Prime Minister Alexander Novak through his government commission.
Russia’s Crypto Exchange Traffic Climbs 8%
Over the last month, I’ve observed an unprecedented surge in the value of Bitcoin approaching $100,000, a development that has fueled worldwide enthusiasm within the cryptocurrency sector and sparked noteworthy activity particularly in Russia.
According to research conducted by MegaFon, a prominent telecommunications company in Russia, there was an 8% increase in internet traffic to significant crypto exchanges within the country during early November. This surge can be attributed not only to Bitcoin’s price fluctuation but also to recent modifications in local cryptocurrency regulations.
Reflecting a worldwide pattern, MegaFon’s data suggests that web visits to the top 20 crypto exchanges have risen by approximately 8% to 10% each month. It appears that Russian users make up around 27% to 30% of the total traffic on these platforms, demonstrating their burgeoning fascination with the rapidly changing cryptocurrency market.
Read More
- SUI PREDICTION. SUI cryptocurrency
- „People who loved Dishonored and Prey are going to feel very at home.” Arkane veteran sparks appetite for new, untitled RPG
- LDO PREDICTION. LDO cryptocurrency
- Destiny 2: A Closer Look at the Proposed In-Game Mailbox System
- Clash Royale Deck Discussion: Strategies and Sentiments from the Community
- Jennifer Love Hewitt Made a Christmas Movie to Help Process Her Grief
- ICP PREDICTION. ICP cryptocurrency
- Naughty Dog’s Intergalactic Was Inspired By Akira And Cowboy Bebop
- Critics Share Concerns Over Suicide Squad’s DLC Choices: Joker, Lawless, and Mrs. Freeze
- EUR IDR PREDICTION
2024-11-30 16:26