The Russian government has approved a draft amendment to a bill that aims to regulate cryptocurrency trading and mining activities. Under the proposal, cryptocurrencies will be classified as “property” for tax purposes, meaning income generated from mining will be taxed based on its market value at the time of receipt.
Miners can deduct mining expenses from their taxable income. Cryptocurrency transactions will be exempt from value-added tax, and trading income will be subject to the same tax rate as securities transactions, with a top personal income tax rate of 15%.
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