The Russian Federation Council’s approval of the new crypto taxation regime comes amid Bitcoin hitting all-time highs against Russia’s national currency, the ruble.
Russia news
If approved, the restrictions would seriously affect Russia’s crypto mining operations, as some key local industry firms have a heavy presence in regions like Irkutsk.
Eastern Europe has become the fourth-largest cryptocurrency market in the world, accounting for over 11% of the total cryptocurrency value received worldwide.
Russia’s crypto mining laws have filled the “regulatory vacuum,” but there is still a lot of legal uncertainty about many aspects of regulation.
Russia’s plan to build out Bitcoin mining in other countries could inspire other nations to do the same domestically.
Spot Bitcoin ETFs will need to make an average of $301 million in net inflows per day to get it done this week.