Russia Proposes 15% Tax On Cryptocurrency Earnings

According to Odaily, Russia's Ministry of Finance introduced a draft amendment on Monday, proposing a 15% tax on cryptocurrency earnings. This initiative is part of a broader effort to regulate cryptocurrency mining and trading activities. The proposed changes aim to reshape the tax framework for cryptocurrency miners, impacting their income, expenses, and related infrastructure. Under the proposed amendment, income from mined tokens will be taxed at market value upon receipt. Miners will be allowed to deduct operational expenses, ensuring a balanced tax calculation. Additionally, cryptocurrencies will be classified as property for taxation purposes. The new framework also eliminates the value-added tax (VAT) on cryptocurrency transactions, aligning the taxation of income from these transactions with that of securities trading. The proposed regulations also impose obligations on operators of mining infrastructure. These operators will be required to inform tax authorities about individuals using their facilities for mining activities. However, the specific data that needs to be disclosed remains unclear.