Russia To Tax Crypto Transactions And Mining Income
The Russian government approved draft amendments to a bill to tax “income and expenditures” from cryptocurrency transactions and mining, according to a report by Interfax.
The proposed legislation was developed by the Finance Ministry and classifies cryptocurrencies as property for tax purposes.
Under the new rules, income from mining activities will be taxed based on the market value of the cryptocurrency at the time it is received. Miners, however, will be allowed to deduct related operational expenses from their taxable income.
Additionally, crypto transactions will be exempt from value-added tax (VAT), while income from crypto trading will be taxed at rates similar to securities transactions, with a personal income tax cap…
