The core of fiscal policy lies in the government’s use of taxation and public spending to regulate and guide the national economy. However, in the era of digital assets, this traditional approach faces new challenges.
On December 27 of last year, the U.S. Department of the Treasury and the IRS released final regulatory guidelines for digital asset brokers, bringing DeFi platforms into the tax reporting framework.
01 Framework and Tools of Fiscal Policy
Fiscal policy refers to the sum of government decisions that influence the economy through taxation and public expenditure. This is a complex set of policy tools designed to manage economic fluctuations, promote social equity, and maintain macroeconomic stability.
In economic terms, the heart of fiscal policy is ensuring the national budget system serves as a solid fiscal foundation. It determines the scope of taxpayers, taxable entities, types and rates of taxes, and tax incentives, while also focusing on balancing and equalizing the tax burden.
In the emerging field of cryptocurrency, fiscal policy faces the challenge of integrating decentralized, cross-border digital assets into existing tax frameworks. This requires revising tax rules, updating collection methods, and establishing international cooperation mechanisms.
02 Global Regulatory Developments: Policy Implementation and Market Response
Worldwide, major economies are accelerating the rollout of fiscal policies targeting cryptocurrencies.
The United States has taken a significant step forward. The final regulations issued by the Treasury and IRS require digital asset trading front-end service providers to report transaction information.
While these rules do not introduce new taxes, they mandate that brokers report total proceeds from digital asset sales using Form 1099, subjecting DeFi platforms to the same information reporting standards as securities brokers.
Russia has formally established its tax framework. Legislation signed by President Putin defines digital currency as property and sets up a corresponding tax system. Digital currency obtained through mining is considered in-kind income, with its value determined by market prices.
Under this law, mining and sales of digital currency are exempt from VAT, but mining infrastructure operators must report service information to tax authorities.
Tax policies differ significantly. In Russia, personal income tax features a progressive rate: income up to 2.4 million rubles is taxed at 13%, with amounts above that taxed at 15%. For corporate income tax, digital currency mining will be taxed at a standard rate of 25% starting in 2025.
Regarding VAT, the Russian Federal Tax Service stipulates that taxpayers who opt for the preferential 5% or 7% rates must apply them for 12 consecutive quarters and cannot switch to the standard 20% rate during this period.
Table: Key Points Comparison of U.S. and Russian Crypto Tax Policies
| Policy Dimension | United States | Russia |
|---|---|---|
| Legal Basis | Infrastructure Investment and Jobs Act (IIJA) | Putin-signed digital currency tax law |
| Asset Classification | Not specified (general "digital asset" category) | Classified as property |
| Core Requirements | Brokers report transaction information | Tax on mining income and trading profits |
| Tax Rate Structure | Federal income tax rates based on personal income | Personal income tax 13%-15%, corporate income tax 25% |
03 Real-Time Market Response and GateToken Performance
As fiscal policy tightens, GateToken’s market performance warrants attention. As of December 11, 2025, GateToken’s price against the U.S. dollar shows the following characteristics:
Short-term price volatility: According to real-time data from the Gate trading platform, the latest GT/USD quote is $10.51, up $0.66 in 24 hours—a 6.70% increase. Prices fluctuated between $9.78 and $10.65 throughout the day.
Medium-term trends: Despite the short-term uptick, GateToken’s price has dropped 10.23% over the past month, with a cumulative decline of 37.03% year-to-date—indicating a clear correction.
Trading activity: 24-hour trading volume reached 7.85 million, with a market capitalization of approximately $846 million, ranking 70th among all cryptocurrencies.
These figures show that even in a tightening fiscal policy environment, the crypto market remains highly active, with participants seeking new investment balance points during regulatory transitions.
04 Investor Strategies in the New Policy Environment
With fiscal policy now fully engaging the crypto sector, investors must adapt their strategies accordingly.
Tax compliance is more important than ever. The new U.S. regulations mean more transactions will be recorded and reported to tax authorities, requiring crypto investors to maintain complete and accurate records of their trading history.
In Russia, mining infrastructure operators who fail to report information to tax authorities on time may face fines of 40,000 rubles. This penalty system compels market participants to prioritize compliance.
Investors should factor tax costs into their investment decisions. For example, Russia’s 13%-15% personal income tax on digital currency transactions should be considered when calculating potential returns.
At the same time, investors need to monitor trends in international policy coordination. Differences in crypto tax policies across countries may create new regulatory arbitrage opportunities, but also add complexity to cross-border transactions.
05 Industry Outlook and Policy Direction
With the new U.S. administration leaning toward supporting crypto development, future policies may shift. An executive order signed by Trump explicitly supports the crypto industry, which could lead to relaxed or revised reporting requirements.
Some policymakers argue that the Treasury’s reporting rules "represent a clear overreach by the IRS" and warn that these regulations could "trigger a wave of new digital asset reports, overwhelming IRS resources."
Nevertheless, the fundamental direction of fiscal policy toward regulating the crypto industry is now established. The sector is moving from a "gray area" toward greater standardization and transparency.
Going forward, international coordination of tax policy will become a central issue. Differences in national approaches may affect the direction and scale of global digital asset flows, prompting major economies to strengthen cooperation in response to crypto-related tax challenges.
Outlook
As of December 11, 2025, Russia’s tax law is in effect, and U.S. reporting requirements for centralized platforms have entered the implementation phase. With cryptocurrencies now recognized as assets and tax bases on government ledgers—rather than just a playground for tech enthusiasts—the industry’s compliance costs are being systematically redefined.
This shift not only impacts the volatility range of GateToken, but more importantly, it is narrowing the regulatory runway for the $7.85 million in daily GT trades worldwide.
