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bitcoin

Bitcoin Miners To Pay 13%-15% Tax As Russia’s Upper House Approves Landmark Crypto Bill

Ash Tiwari
by Ash Tiwari
9 months ago
·
Posted in Crypto regulation
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Russia’s Federation Council – the country’s upper house of parliament – has approved a landmark cryptocurrency taxation bill. Among its key provisions, the legislation imposes a maximum tax rate of 15% on Bitcoin (BTC) and other digital asset mining operations.

New Cryptocurrency Tax Law Set To Come Into Effect

Russia’s upper house of parliament has given the green light to the new landmark cryptocurrency tax bill that seeks to foster a conducive regulatory environment for Bitcoin and other digital asset businesses in the country.

Related Reading: Crypto Mining and Trading In Russia Will Attract 15% Tax – Here’s How It Compares Globally

The legislation was approved on November 27th, and now awaits the signature of Russian President Vladimir Putin. After the consent, the law will come into effect once officially published.

The bill imposes a maximum tax limit of 15% on all individual cryptocurrency transactions and mining operations, essentially aligning income from digital assets to tax rates imposed on income from securities transactions. 

Bitcoin and other crypto miners must pay taxes ranging from 13% to 15% on their revenue. The bill states that income arising from mining activities will be taxed on its market value at the time of receipt.

In addition, the bill classifies digital currencies used for many purposes – including as a means of payment for services – as property. Notably, the bill exempts all crypto activities from value-added-tax (VAT).

Once it becomes a law, Bitcoin and other crypto mining infrastructure operators in Russia must share relevant client information with the local authorities. Failure to do so may attract penalties of up to $360. 

It is worth emphasizing that the bill won’t place any tax liability on services by authorized mining operators within Russia’s territorial boundaries. Crypto mining businesses can also deduct operating expenses to reduce their total tax liability. 

Bitcoin Hits All-Time High Against Russian Ruble

The bill’s approval comes when the Russian ruble is in freefall on global currency markets. Year-to-date (YTD), the ruble has depreciated by more than 17% against the US dollar.

rubusd
Russian ruble appears to be in a freefall against the US dollar | Source: RUBUSD on TradingView.com

This devaluation has contributed to Bitcoin reaching an all-time high (ATH) against the ruble. BTC trades above 10 million rubles at press time, with YTD gains exceeding 200% against the struggling fiat currency.

btcrub
BTC has surged past 10 million rubles amid the latter’s struggling performance | Source: CoinGecko

Russia has been actively leveraging cryptocurrencies in an attempt to evade sanctions imposed on it since the onset of the Ukraine conflict. During this year’s BRICS summit in Kazan, Russia, key lawmakers proposed selling BTC to international buyers to circumvent Western sanctions effectively.

Related Reading: Russia Moves to Legalize Crypto Use for International Payments—Here’s Why

Similarly, Russia expressed interest in adopting digital assets for cross-border payments in September. Earlier this year, President Putin signed a bill granting legal status to cryptocurrency mining in the country.

Russia is also grappling with an energy crisis, forcing it to ban crypto mining in certain regions due to its energy-intensive nature. BTC trades at $95,162 at press time, down 0.9% in the past 24 hours.

bitcoin
BTC trades at $95,162 on the daily chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, Charts from CoinGecko and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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