According to Bitcoin.com, on Wednesday, the upper house of the Russian parliament approved a government-initiated bill outlining a tax framework for digital currencies. The bill had been preliminarily approved by the State Duma (lower house) the day before and was finally passed at a plenary session on Wednesday.

The new law classifies digital currencies (including digital currencies used as payment instruments under an experimental legal framework) as property in accordance with the Russian Federation Tax Code. This classification exempts digital currency mining and sales transactions from value-added tax (VAT), reducing the financial burden on participants in this field.

In addition, services provided by authorized organizations that facilitate transactions under these experimental frameworks will also be tax-exempt.