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Russia’s crypto tax law focuses on mining and energy limits

Russia’s Revised Crypto Tax Law

Russia passed the revised crypto tax law on November 19, 2024, establishing a legal framework for cryptocurrency mining and trading. Under the new law, cryptocurrency is classified as assets for taxation purposes, and income from mining is taxed based on market value at the time of receipt. Miners can deduct incurred costs, easing financial burdens. Income from cryptocurrency trading is exempt from VAT but taxed like securities at a rate of 15%.

Mining Limitations Regulations

The Russian government has imposed stringent regulations on mining, limiting individual energy consumption to a maximum of 6,000 kWh/month and temporarily banning mining in energy-strained regions like Irkutsk and DPR from December 2024 to March 2025. Sberbank, Russia’s largest bank, is conducting a pilot for cryptocurrency-based payments, promoting digital currency integration into the financial system. These measures reflect Russia’s efforts to regulate the cryptocurrency industry, attract investors, and create a stable environment.

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