Russia advances cryptocurrency tax bill, adopts two-stage taxation model

Odaily News The Russian government's legislative activity committee advanced a cryptocurrency tax bill on November 11. The bill defines cryptocurrency as property and sets different tax requirements for individual and corporate miners. Under the new regulations, companies must register with the Federal Tax Service to legally conduct mining operations, while individuals with monthly electricity consumption below 6,000 kWh do not need to register. The new framework adopts a two-stage taxation model, with the first stage taxing cryptocurrencies when they arrive and the second stage taxing them when they are sold. From 2024, individual traders and miners with annual income exceeding 2.4 million rubles will be taxed at a progressive rate of 13% to 22%, and the corporate tax rate will be increased to 25% in 2025. (Forbes)