【Officials say Russia's Bitcoin mining profits will face new 15% tax regulations】
The Russian government has approved a revised draft tax law targeting cryptocurrency mining and trading, establishing new regulations for related income and expenses.
The amendment defines cryptocurrency as property for tax purposes. Income from tokens obtained through mining will be taxed at the market value at the time of receipt, and miners can deduct related expenses from their income. Meanwhile, cryptocurrency transactions are exempt from value-added tax and will be taxed along with income from securities trading, with a proposed maximum personal income tax rate of 15%.
Mining infrastructure operators are required to provide tax authorities with identifying information about miners using the facilities, although the specific scope of disclosure has not yet been clarified. Starting from November 1, only registered individual entrepreneurs and organizations may engage in cryptocurrency mining, while non-entrepreneurs can mine within a monthly electricity limit of 6,000 kilowatt-hours.
Additionally, for certain areas facing electricity shortages, the Russian government will implement a temporary mining ban starting December 1, lasting until March 15, 2025.
