TechFlow news, on November 20, according to FinanceFeeds, the Russian government has approved an amendment to a bill that will impose taxes on cryptocurrency trading and mining income. Developed by the Ministry of Finance, the bill classifies cryptocurrencies as property for tax purposes, with mining income taxed based on its market value at the time of receipt, while allowing miners to deduct operating expenses from their taxable income.
Under the new rules, cryptocurrency transactions will be exempt from value-added tax, and transaction gains will be subject to taxation in line with securities trading rates, with a maximum personal income tax rate of 15%. In addition, mining facility operators will be required to report personal information of users utilizing their infrastructure to ensure compliance. The bill was first introduced in December 2020 and passed its first reading in 2021.
