Russia Eases Crypto Regulations and Plans Tax on Mining Revenues
Autor: Mining Provider Editorial Staff
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Kategorie: News
Zusammenfassung: Russia is relaxing cryptocurrency regulations to facilitate trading through VTB Bank and plans a corporate tax on mining revenues, while Vitalik Buterin highlights Bitcoin's milestone of 2^96 hashes, urging improved security standards in the crypto industry.
Crypto News: Russia Circumvents Sanctions with Crypto Trading and Mining Tax
Recent developments in Russia indicate a significant shift in the country's approach to cryptocurrency regulation. The Russian Central Bank has announced plans to relax crypto laws, allowing for increased trading activities. This move is expected to facilitate the trading of cryptocurrencies through the VTB Bank, Russia's second-largest bank by assets, which aims to enable clients to buy and trade cryptocurrencies via brokerage accounts starting in 2026. Currently, VTB customers can only invest in crypto derivatives, such as leveraged crypto positions and CFDs, but direct investment in physical coins like BTC or ETH has not been possible.
“Russia generates enormous revenues from Bitcoin mining,” stated Maxim Oreshkin, a senior Kremlin official.
According to industry representatives, Russia produces tens of thousands of Bitcoin annually, with daily revenues estimated at around 1 billion rubles, approximately $13.84 billion. The proposed corporate tax of up to 25% on mining revenues could be lucrative for the Russian government, as it seeks to capitalize on the booming crypto market.
In summary, the Russian government is positioning itself to benefit from the growing cryptocurrency sector, with plans to implement a corporate tax on mining revenues and facilitate trading through major banks.
Vitalik Buterin: Bitcoin Mining Reaches 2^96 Hashes Milestone
On December 5, Vitalik Buterin, co-founder of Ethereum, highlighted a significant achievement in the Bitcoin network, announcing that it has surpassed the milestone of 2^96 cumulative hashes since its inception. This figure represents the total computational power expended in securing the Bitcoin network, marking a historic moment for decentralized systems. As noted by influencer Cyphertux, this level of computational effort has never been reached before in human history.
Buterin emphasized that this achievement not only showcases Bitcoin's strength but also serves as a call to action for the entire cryptocurrency industry to aim for higher security standards. He advocates for the adoption of 128-bit security standards for future cryptographic systems to maintain a comfortable lead over computational capacities, especially in light of potential threats such as quantum computing.
In conclusion, Buterin's recognition of Bitcoin's milestone underscores the need for the crypto industry to enhance its security measures, ensuring long-term resilience against emerging threats.
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