Russia Eyes Increase in Crypto Mining Tax with New Legislation

The post Russia Eyes Increase in Crypto Mining Tax with New Legislation appeared first on Coinpedia Fintech News

According to the local news report, at the Eastern Economic Forum (EEF-2024), Sergey Bezdelov, Director of the Industrial Mining Association, announced that Russia mined 54,000 bitcoins in 2023, generating 50 billion rubles in taxes. Bezdelov noted that with the upcoming “gentle” regulation of cryptocurrency mining, the tax contribution is set to increase as new infrastructure investors join the market. This comes after President Putin signed a law in August, set to take effect in November, legalizing crypto mining for businesses and individuals within regulated energy consumption limits.