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🌙 Russia Approves Cryptocurrency Tax Framework

This law, passed on November 27, recognizes types of digital currencies as assets and imposes a personal income tax of 13%–15% on cryptocurrency sale transactions. It also exempts Russian cryptocurrency miners from value-added tax (VAT) when mining coins.

Author

Mike Gavela
November 28, 2024

In partnership with

Crypto Roundup - November 28

Recent developments in the cryptocurrency sector highlight significant regulatory changes and financial movements across various regions. Russia has enacted a new tax framework classifying digital currencies as property, imposing personal income taxes ranging from 13% to 15% on crypto sales. Concurrently, Hong Kong is proposing tax exemptions on gains from cryptocurrencies for private equity funds, hedge funds, and family offices, aiming to enhance its status as a leading offshore financial hub. In the financial sector, Celsius Network is set to distribute an additional $127 million to its creditors from its Litigation Recovery Account, marking a significant step in its ongoing bankruptcy proceedings.

Top Stories

  • Russia imposes new crypto taxes: Digital currencies are now classified as property, with personal income taxes on crypto sales set between 13% and 15%.

  • Hong Kong proposes crypto tax exemptions: Aimed at private equity funds, hedge funds, and family offices, this move seeks to bolster the city's financial hub status.

  • Celsius to distribute $127 million: The bankrupt crypto lender plans a significant payout to creditors from its Litigation Recovery Account.

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TOP STORIES

Russia's New Cryptocurrency Tax Framework Has Been Passed

Russia's new cryptocurrency tax framework has been passed The Russian government is hastily imposing new taxes on cryptocurrency as Bitcoin reaches historical highs against Russia's national currency,

www.binance.com/en/square/post/16844071853810

Hong Kong proposes crypto tax exemptions - Tax Natives

Hong Kong proposes crypto tax exemptions - Hong Kong is proposing certain exemptions for crypto transactions.

taxnatives.com/hong-kong-proposes-crypto-tax-exemptions

Celsius To Distribute $127M To Creditors From Litigation Recovery Account

Celsius to distribute an additional $127M to creditors, but many remain dissatisfied with the payout amount.

www.the-blockchain.com/2024/11/28/celsius-to-distribute-127m-to-creditors-from-litigation-recovery-account

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Binance whistleblower lawsuit reveals 'chaotic' work environment

A former Binance exec is suing the crypto exchange's European arm, accusing it of unfair dismissal after calling out an alleged bribery.

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