Russia proposes a 15% tax on crypto trading and mining income to boost revenue and ensure balance.
New regulations require mining operators to report user details and register with tax authorities.
Tax measures could generate $521M–$700M annually, enhancing Russia’s crypto-mining leadership.
Russia amended its crypto tax legislation, proposing a 15% tax on income from crypto asset trading and mining. This aligns with the government’s efforts to establish a balanced taxation policy and increase revenue from the expanding crypto industry.
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The amendments classify cryptocurrency as “property” for tax purposes. This means that any income generated from crypto mining will be taxed based on the market value of the mined assets.
The revised bill, focused on income from crypto transactions and mining, has received government approval.
The Finance Ministry stated that this approach is designed to fairly reflect the financial outcomes of mining activities, ensuring a balance between businesses and the state.
Moreover, transactions involving crypto assets will be exempt from value-added tax (VAT), and trading income will be taxed similarly…
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