Russia Proposes Tax Code Amendments for Crypto Transactions

The Russian Ministry of Finance has submitted amendments to the Tax Code to regulate taxation of cryptocurrency transactions. The proposed legislation aims to align national tax rules with recent laws on digital currency and rights.

The plan is part of a broader effort to bring Russia's economy out of the shadows by regulating various sectors, including cryptocurrencies like Bitcoin.

Under the proposal, non-residents will be subject to a higher tax rate compared to residents. Residents will be taxed according to a progressive scale, ranging from 13% to 22%. However, non-residents will face a 30% tax rate.