Russian President Vladimir Putin has approved a new law that classifies digital currencies as property and regulates their taxation. The law permits the use of digital assets in foreign trade while exempting digital currency mining and sales from VAT. It also states that revenues from mining activities will be taxed based on market value, with two different rates applied depending on annual income limits. Operators providing mining infrastructure will be required to report user information to tax authorities.
The new regulation aims to organize the digital currency sector while preventing companies from benefiting from simplified tax systems. Starting in 2025, corporate tax will be applied at a standard rate of 25%. Within the framework of an experimental legal regime for digital innovations, the broader use of digital assets is envisioned. The law comes into force as of its publication date, with transitional arrangements for certain provisions.
