The legislation was officially published following its approval by the Federation Council and is now awaiting President Vladimir Putin's signature to become law.

Russia has approved a new tax regime for cryptocurrency, introducing a 15% tax on individual earnings exceeding approximately $22,300 and a 25% corporate tax for businesses starting in 2025.

Under this new law, digital currencies are classified as property, establishing a legal framework for taxing Bitcoin mining and transactions.

The law will take effect upon official publication, with specific provisions set to begin in January 2025, marking a significant regulatory shift for cryptocurrency in Russia.

This legislation is part of a broader effort to regulate and legitimize cryptocurrency activities in Russia, aiming to integrate digital currencies into its financial system while addressing risks from unregulated markets.

Analysts predict that the new tax framework could generate up to 200 billion rubles, or around $2 billion annually, supporting public finances and the digital economy.

Amid an ongoing energy crisis, the Russian government has implemented measures to restrict crypto mining in energy-deficient regions to protect the power grid.

Mining firms will be required to report user data to authorities, enhancing compliance measures as part of the new regulatory framework.

The law also restricts miners and traders from accessing certain tax benefits, ensuring stricter regulation of crypto operations.

In response to international sanctions, Russia has initiated trials to test cryptocurrency use in exchanges and cross-border transactions, expressing interest in using digital assets for these purposes.

Once signed, the law will classify cryptocurrency obtained through mining as 'in-kind income,' subject to a progressive tax scale with deductions for mining expenses.

President Putin has emphasized the importance of establishing a legal framework and infrastructure to promote the circulation of cryptocurrencies, highlighting their potential for economic growth.