Russia approves 15% tax on crypto mining and transactions
Russia has approved an amendment to a draft bill introducing taxes on crypto transactions and mining activities, Interfax reported on Nov. 19.
The legislation will classify cryptocurrencies as property for tax purposes. As a result, income generated from Bitcoin mining and trading will be subject to taxation.
However, crypto transactions will be exempt from value-added tax and fall under the same tax bracket as personal income from securities, typically taxed at no more than 15%.
For mining, taxes will be based on the market value of assets at the time they are received. Miners will also be allowed to deduct mining expenses from their taxable income. The new rules will require mining infrastructure operators to submit regular reports on…
