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The Russian Federation Council, which is the upper house of the country's parliament, approved a federal bill introducing new taxes on crypto transactions as bitcoin hits its all-time high against Russia's national currency, the ruble. .
Approved on November 27, it imposes a 13% to 15% personal income tax on all digital currency transactions. Russian crypto miners are also exempt from value added tax (VAT) on all coins mined under this new legislation.
<img fetchpriority="high" decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/11/Russia-Passes-Crypto-Tax-Bill-as-Bitcoin-Sets-Ruble-ATH.jpeg" alt="Russia Embraces Cryptocurrencies: bitcoin Mining and Payments Now Legal – TokenPost”/>
Russia's new tax bill awaits Vladimir Putin's signature
Digital currency, including any digital currency used for payments under foreign trade agreements within the country's experimental legal crypto regime, is recognized as property on the new banknote.
The Russian cryptocurrency mining Operators will also have to report all important information about their mining services to local authorities. Any non-compliance will result in fines of 40,000 rubles, which is equivalent to about $360.
the invoice approved 3 readings in the State Duma before receiving approval from the Federal Council. For the bill to become law, it will now need the signature of Russian President Vladimir Putin. Subsequently, it will come into force once it has been officially published.
bitcoin Hits All-Time High Against Ruble as US btc ETFs Break Outflow Streak
The adoption of the new bill by the Russian Federation Council is the main crypto It is trading at historical highs against the ruble. Yesterday, the price of bitcoin set a new record against the national currency of Russia and reached approximately 11 million rubles, according to <a target="_blank" href="https://www.coinbase.com/converter/btc/rub”>Coinbase Data.
In addition to bitcoin setting a new record against the ruble yesterday, US spot bitcoin ETFs (exchange-traded funds) also managed to break their two-day outflow streak. Far Side Investors <a target="_blank" href="https://farside.co.uk/btc/#google_vignette”>data shows that the funds saw inflows of $103 million combined on Nov. 27.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”11.433734939759″>
$ 𝗺𝗶𝗹𝗹𝗶𝗼𝗻)
TOTAL NET FLOW: 103
IR: 0
FBTC: 40.2
BITB: 48
ARKB: 0
BTCO: 0
EZBC: 2.8
BRRR: 0
HODL: 0
BTCW: 0
GBTC: 0
btc: 12
For full details and disclaimers, please visit:https://t.co/Wg6Qpn0Pqw
– Farside Investors (@FarsideUK) <a target="_blank" href="https://twitter.com/FarsideUK/status/1861995308797829478?ref_src=twsrc%5Etfw”>November 28, 2024
Fidelity's FBTC, Bitwise's BITB, Franklin's EZBC, and Grayscale's btc all recorded inflows during yesterday's trading session. The other funds did not register new flows.
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