The Russian government has proposed draft amendments to a bill that would impose taxes on cryptocurrency mining and transactions. Under the amendments, cryptocurrencies would be defined as property for tax purposes, and income from mining would be taxed based on the market value of the mined tokens. Crypto miners would also be allowed to deduct related expenses from their income. Crypto transactions would not be subject to value-added tax but would be taxed alongside income from securities transactions. The highest personal income tax rate on cryptocurrency earnings is proposed to be set at 15%. Additionally, crypto mining infrastructure operators would be required to notify tax authorities about individuals using their facilities for mining. The amendments come as Russia has implemented temporary mining bans in certain regions due to electricity shortages.



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