TechFlow reported on November 19 that, according to Interfax, Russia's Ministry of Finance proposed a draft amendment on Monday to tax cryptocurrency income at a rate of 15%, as part of broader measures to regulate cryptocurrency mining and trading.
The proposed changes would reshape the tax framework for crypto miners, affecting income, expenses, and related infrastructure. Income from mined tokens will be taxed at market value upon receipt, while miners may deduct operating costs, ensuring 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 such transactions will be taxed similarly to securities trading.
The proposed rules also include obligations for operators of mining infrastructure. These operators will be required to notify tax authorities about individuals using their facilities for mining, although the specific data to be disclosed remains unclear.
