Bitcoin price today: gains to $120k, near record high on U.S. regulatory cheer
Russia’s Ministry of Energy revealed its intention to create a comprehensive registry for crypto mining equipment, a move that will require all miners to register their hardware. According to a report by TASS, a state-owned news agency, the new system is designed to make unregistered crypto mining operations impossible.
Deputy Minister of Energy Yevgeny Grabchak is leading the initiative, which includes proposed amendments to current mining regulations. The goal is to more effectively monitor domestic mining activities, particularly in regions where such operations are not permitted.
In November last year, Russian authorities imposed bans on crypto mining in six regions, including certain occupied Ukrainian territories. These bans, which are set to last from December 2024 through March 2031, were instituted to alleviate power shortages in these areas.
Concurrently, the Federal Taxation Service (FNS) revealed that crypto miners now have the capability to report their digital currency earnings through their online FNS accounts. This update, also reported by TASS, becomes available once users submit a qualified electronic signature. The FNS has tailored separate tax reporting forms for different types of taxpayers: individuals, legal entities, and individual entrepreneurs.
The tax framework for crypto mining and transactions, signed by President Vladimir Putin on November 29, 2024, came into effect at the beginning of this year. Under this framework, miners with crypto income up to 2.4 million rubles (approximately $23,976) face a 13% tax rate, while those earning above this threshold are subject to a 15% tax rate. This information was confirmed by the Digital Watch Observatory.
Miners must adhere to monthly reporting obligations for their cryptocurrency earnings, with reports due by the 20th of the month following the income period, as stated in the TASS report.
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