Russia signs law deeming crypto as property exempt from VAT
Hot on the heels of approving crypto mining regulations in Russia, President Vladimir Putin has inked a new law that classifies cryptocurrency as property, allowing its use in certain foreign trade settlements. Signed on Friday, the document also exempts the mining and selling of crypto from value-added-tax (VAT). Digital currency earned through mining is now classified in Russia as “income in kind” and taxed at market rates, while personal income tax is 13% up to 2.4 million rubles ($22,000) and 15% for higher amounts. Corporate income tax will be the standard 25%. Crypto mining infrastructure operators will be required to report their clients to the tax authorities or risk a fine of 40,000 rubles ($370). Under the new law, miners and traders will no longer be able to apply for certain tax cuts , such as single agricultural tax. Russia to ban crypto mining across invaded Ukraine regions Read more: Russian investigator handed 16 years in jail for ...