Russian Lawmakers Greenlight Crypto Tax Bill

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Russian lawmakers have given their approval to the government’s proposal for a crypto tax bill, which will require Bitcoin miners to pay taxes on their earnings. According to Komsomolskaya Pravda, the State Duma voted in favor of amendments to the Russian Tax Code in the second and third readings.

The bill will now move to the Russian Senate for approval and ultimately be signed into law by President Vladimir Putin, which is expected to happen quickly given the swift actions taken by the Duma.

Under the bill, crypto miners will be subject to a flat rate of 13% in taxes if their earnings do not exceed 2.4 million rubles ($21,210) per year. If their earnings surpass this amount, they will be required to pay a rate of 15%, as outlined in the bill. This legislation is also significant in that it officially recognizes cryptocurrency as a form of “property” for the first time.

This has been a contentious issue in Russian courts in the past, with judges struggling to determine the legal status of blockchain-powered tokens.