Russia on Monday passed a draft amendment proposed by the Ministry of Finance, 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, impacting 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 to ensure a balanced tax calculation. Under the proposed amendment, cryptocurrencies will be classified as property for tax purposes. Additionally, the new framework eliminates value-added tax (VAT) on cryptocurrency transactions, and 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 inform tax authorities about individuals mining using their facilities, but it remains unclear what specific data needs to be disclosed. $BTC
