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- Russia Recognizes Bitcoin as Property, Implements Comprehensive Crypto Tax Law
Russia Recognizes Bitcoin as Property, Implements Comprehensive Crypto Tax Law
News on the Blockchain
November 30, 2024
🌍 Daily Crypto Market Overview
Global Stats:
Cryptos: 2.4M+
Exchanges: 762
Market Cap: $3.4T (+0.76%)
24h Volume: $179.46B (+21.48%)
Bitcoin Dominance: 56.2%
Ethereum Dominance: 13.0%
ETH Gas Price: 5.92 Gwei
Fear & Greed Index: 82 (Extreme Greed)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $96,354.81 | -0.72% | $1.91T | $51.99B |
Ethereum (ETH) | $3,661.73 | +1.96% | $441.02B | $33.40B |
Tether (USDT) | $1.00 | +0.03% | $133.53B | $143.26B |
BNB (BNB) | $660.79 | +0.98% | $95.16B | $2.37B |
Solana (SOL) | $242.04 | -0.86% | $114.96B | $4.21B |
💹 Market Highlights:
Total DeFi Volume: $10.9B (6.07% of total market volume)
Stablecoins Volume: $161.43B (89.95% of total market volume)
Coin with highest % change: HYPE (+74.74%)
📈 Preview On Today’s News:
- Russia Recognizes Bitcoin as Property, Implements Comprehensive Crypto Tax Law
- Ripple's Stablecoin RLUSD Nears Approval Amid Global Crypto Advances
- Bitcoin Mining: Stabilizing Local Grids and Supporting Growth
Keep reading for more!
Today’s News:
1)
Russia Recognizes Bitcoin as Property, Implements Comprehensive Crypto Tax Law
Russia has formally recognized Bitcoin and cryptocurrencies as property under a new law approved by President Vladimir Putin. This move, part of an experimental legal regime (ELR), aims to integrate digital currencies into international trade settlements. The law provides tax exemptions for cryptocurrency sales and mining, with miners’ income categorized as "income in kind" and taxable at market rates, with mining expenses deductible. Starting in 2025, corporate mining revenues will face a 25% tax rate. Additionally, a two-tiered tax system applies to cryptocurrency profits, with a 13% rate for income up to 2.4 million rubles and 15% beyond that. The law also mandates disclosure by mining facility operators, with penalties for non-compliance. These developments highlight Russia's growing embrace of cryptocurrency for economic policy and its push toward de-dollarization.
Key Developments: Russia's new law recognizes Bitcoin as property for international trade, exempts crypto sales and mining from VAT, and introduces detailed tax regulations for miners and investors. Corporate mining revenues will be taxed at 25% starting in 2025.
Economic Impact: This legislation signifies Russia’s strategic pivot towards integrating digital currencies into economic policy, positioning cryptocurrency as a key tool for international trade and reducing reliance on the US dollar.
2)
Ripple's Stablecoin RLUSD Nears Approval Amid Global Crypto Advances
Ripple Labs is poised for a significant milestone as its stablecoin, RLUSD, nears regulatory approval in New York. Sources indicate that the New York Department of Financial Services is expected to greenlight the stablecoin, potentially enabling its public launch on December 4, 2024. This marks another triumph for Ripple, which has already achieved global recognition following its legal victory against the SEC. XRP, Ripple’s native cryptocurrency, is now the fifth largest by market cap and has recently surged by 20%. Ripple has also expanded its global presence, collaborating with the Reserve Bank of India on a virtual Rupee project and benefiting from Russia’s new cryptocurrency regulations. These developments showcase Ripple’s growing influence in both domestic and international markets.
Ripple's RLUSD Stablecoin Approval in New York: Ripple’s RLUSD stablecoin is expected to gain regulatory approval in New York, with a public launch anticipated by December 4, 2024, marking a key achievement for the company.
Global Advancements and XRP Growth: Ripple’s collaborations with India’s Reserve Bank on a virtual Rupee and benefiting from Russia’s crypto regulations highlight its expanding global footprint, as XRP surges 20% to become the fifth-largest cryptocurrency.
3)
Bitcoin Mining: Stabilizing Local Grids and Supporting Growth
Macquarie Group Limited, an $870 billion asset manager, has highlighted Bitcoin mining’s role in stabilizing local power grids. Contrary to criticism of mining as a strain on resources, Macquarie emphasized its benefits, noting how miners leverage demand response programs to reduce power usage during peak times, enhancing grid stability. This aligns with broader findings that Bitcoin miners expand renewable energy use and balance energy networks, especially amid rising AI data center demands. The insights coincide with Bitcoin's November surge, reaching an all-time high of $99,000 and gaining over 34.5% following Donald Trump’s 2024 election victory.
Bitcoin Mining and Grid Stability: Macquarie Group’s research reveals that Bitcoin miners support local grids by reducing power usage during high-demand periods, benefiting from cost savings and contributing to grid stability. This counters criticisms of mining as a resource strain.
Bitcoin’s Record Surge: Amid growing adoption and mining's positive grid impact, Bitcoin soared by 34.5% in November, reaching a record $99,000 following Donald Trump’s election victory, underscoring its increasing relevance.
