The Russian government has approved a draft amendment to a bill that aims to regulate cryptocurrency trading and mining activities. Under the proposal, cryptocurrencies will be classified as “property” for tax purposes, meaning that income generated from mining will be taxed based on its market value at the time it is received.
Miners can deduct expenses from their taxable income, and cryptocurrency transactions will be exempt from value-added tax. Trading income will be subject to the same tax rate as securities transactions, with a top personal income tax rate of 15%.
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<p>The post “Russia Approves Cryptocurrency Trading and Mining Bill Amendment” first appeared on CoinBuzzFeed.</p>