Russia’s Federation Council Approves New Crypto Tax Bill As Bitcoin Sets New All-Time High Against The Ruble

Russia Approves New Taxes on Crypto Transactions

The Russian Federation Council, the country's upper house of parliament, has approved a federal bill introducing new taxes on cryptocurrency transactions.

Key Provisions

• Imposes a 13%-15% personal income tax on all digital currency transactions.
• Exempts Russian crypto miners from value-added tax (VAT) on mined coins.
• Requires crypto mining operators to report details of their services to local authorities.
• Failure to comply with reporting requirements could result in fines of approximately $360.

Awaiting Presidential Signature

The bill has passed three readings in the State Duma and received approval from the Federation Council. It now requires President Vladimir Putin's signature to become law and will take effect upon official publication.

Bitcoin Sets High Against Ruble

The approval of the new bill coincides with Bitcoin trading at all-time highs against the Russian ruble. Bitcoin reached approximately 11 million rubles on November 27th.

US BTC ETFs Break Outflow Streak

US spot Bitcoin exchange-traded funds also broke their two-day outflow streak on November 27th, recording $103 million in collective inflows.