By Kapil Rajuaguru
Russian Gov’t Approves New Crypto Taxation Framework.
The Russian government is rushing to enforce new cryptocurrency taxes as Bitcoin smashes all-time highs against Russia’s national currency, the ruble.
Russia’s Federation Council, the country’s upper house of parliament, has approved a federal bill introducing new taxes on cryptocurrency transactions.
The legislation, approved on Nov. 27, recognizes digital currencies as property and imposes a 13%–15% personal income tax on cryptocurrency sales. It also exempts Russian crypto miners from value-added tax (VAT) on mined coins.
The bill passed three readings in the State Duma before gaining approval from the Federation Council. It now awaits the signature of President Vladimir Putin before becoming law. Once signed, it will take effect upon official publication.
Ethereum L2s Surpass Record $51bn TVL After 205% Yearly Growth.
The Ethereum ecosystem is seeing increasing value growth, showing more investor interest in Ethereum-native assets.
Ethereum layer-2 (L2) networks have reached a new all-time high of more than $51.5 billion in cumulative total value locked (TVL).
This marks an over 205% increase in cumulative TVL, from just $16.6 billion in November 2023, L2beat data shows.
Hong Kong Proposes Tax Breaks To Attract Crypto Hedge Funds, Investors.
Hong Kong has proposed exempting cryptocurrency gains from taxes for hedge funds, private equity, and family investment vehicles to strengthen its position as a leading crypto financial hub.
The proposal, currently open for a six-week consultation, also includes exemptions for investments in private credit, overseas property, and carbon credits, according to a report by the Financial Times.
The initiative aims to help Hong Kong compete with regional rivals like Singapore, which provides similar tax incentives, and Switzerland, which is known for its wealth management expertise.
Arbitrum Launches $1mn Grants Program To Bolster AI Innovation.
Arbitrum Foundation has introduced a $1 million grants program aimed at boosting artificial intelligence innovation on the Arbitrum network.
The Trailblazer AI Grant is an initiative that will offer grant support for builders looking to bring innovative AI projects to Arbitrum.
Developers and creators who built dedicated AI agents on the Ethereum layer-2 scaling solution will receive grants targeted at impactful AI products, the Arbitrum Foundation noted in a blog post on Nov. 27.
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