Putin signed a law on taxation of digital currency

Russian President Vladimir Putin on Friday, November 29, signed a law that regulates the taxation of digital currency. The document was posted on the website of the official publication of legal acts.

According to the legislation, digital currency is considered as property. It also applies to currency used in international trade under the experimental legal regime (EPR) for digital innovation.

In addition, the mining and sale of digital currency is not subject to VAT. Also, it will not be required to pay taxes for the services of organizations that carry out transactions under the experimental legal regime (EPR).

It is noted that the operators of the mining infrastructure are obliged to inform the tax authorities about the users of their services. In case of untimely transfer of such data, a fine of Br40 thousand is envisaged.

As for income and profit tax, the digital currency received as a result of mining will be considered as income in kind. According to the document, its value will be determined at market rates.

At the same time, income from the purchase, sale or other transactions with digital currency will be taxed according to a two-stage personal income tax scale: 13% on income up to 2.4 million rubles and 15% on the amount exceeding this mark.

The law will come into force from the date of official publication, except for provisions for which other terms are set.

Earlier, on November 1, it was reported that IEs and legal entities will be able to engage in cryptocurrency mining only after inclusion in a special register. It will be maintained by the Federal Tax Service. Citizens will mine without this, but only within the limit of electricity consumption, which will be set by the government.

Before that, on August 30, Yaroslav Ostrovsky, a specialist in the department of strategic research of Total Research, told Izvestia that digital currency can affect the reduction of cash in circulation. According to him, in recent years, the infrastructure of non-cash settlements has reached a new level.