Russia is proposing a 15% tax on cryptocurrency earnings as part of new regulations for crypto mining and transactions. Key points include:
1.Tax on Crypto Earnings: A 15% personal income tax will be applied to crypto earnings. Miners can deduct expenses, and income from crypto transactions will be taxed like securities.
2. Mining Oversight: Mining operators must inform tax authorities about who uses their facilities, though details are unclear. Industrial miners must register with authorities, but small-scale, home miners are exempt if they stay within energy use limits.
3.Unrealized Gains Tax: Miners may also face taxes on the value of coins they haven't sold yet, which could complicate operations.
4.Electricity Restrictions: Only registered entrepreneurs and organizations can mine crypto, with electricity use capped for unregistered individuals.
5.Digital Currency Shift: Russia is pushing for broader integration of digital currencies, including a pilot for crypto-powered banking and ongoing efforts with the digital ruble.
This reflects Russia’s aim to tighten control over the crypto sector while adapting to digital finance trends.
