On Monday, Russia's Ministry of Finance presented a draft amendment proposing a 15% tax on cryptocurrency income as part of a broader initiative to regulate cryptocurrency mining and trading.
The proposed changes will reshape the tax framework for cryptocurrency miners, affecting income, expenses, and related infrastructure. Income from mined tokens will be taxed at market value upon receipt, and miners can deduct operating costs, ensuring a balanced tax calculation.
Under the proposed amendment, cryptocurrency will be classified as property for tax purposes. Additionally, the new framework eliminates value-added tax (VAT) on cryptocurrency transactions, and the income generated from these transactions will be taxed similarly to securities transactions.
The proposed rules also include obligations for mining infrastructure operators. These operators will be required to inform tax authorities of individuals mining using their facilities, although it remains unclear what specific data needs to be disclosed. (Interfax)