According to TechFlow news on November 19, Interfax reported that Russia proposed a draft amendment through the Ministry of Finance on Monday, suggesting a 15% tax on cryptocurrency earnings 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. The income from mining output tokens will be taxed at market value upon receipt, and miners can deduct operating expenses, ensuring a balanced tax calculation.
Under the proposed amendment, cryptocurrency will be classified as property for taxation. Additionally, the new framework removes 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 notify tax authorities of individuals mining using their facilities, though it remains unclear what specific data needs to be disclosed.