The Russian government has approved amendments to a bill that seeks to regulate taxes on Cryptocurrency transactions and Mining, the Interfax agency reported, citing the country’s Ministry of Finance.
New tax rules for cryptocurrencies
Under this proposal, cryptocurrencies will be classified as property for tax purposes. This means that income derived from mining activities will be taxed according to its market value at the time it is received. However, miners will be able to deduct expenses related to their operations to reduce their tax base.
In addition, cryptocurrency transactions will be exempt from value added tax (VAT). However, income from trading crypto assets will be subject to the same tax rates as securities transactions, with a maximum personal income tax rate of 15%.
An important novelty is the requirement for mining operators to report information about the people who use their infrastructure, strengthening control over these activities.
Objectives of the bill
The Ministry of Finance explained that this approach seeks to balance the interests of business and government, promoting a regulatory framework that incentivizes compliance without stifling the profitability of cryptocurrency-related businesses.
The original bill on cryptocurrency taxation was introduced in December 2020 and had its first reading in 2021. These amendments represent another step towards implementing clearer and more effective regulation.
Limitations and recent measures
In a parallel move, Russia’s Federal Tax Service proposed taxing miners’ unrealized profits. Additionally, the Russian government recently established a monthly energy consumption limit of 6,000 kilowatt-hours for unregistered individuals mining Bitcoin.
With these measures, Russia gives clear signals of wanting to regulate and optimize activities related to cryptocurrencies, strategically positioning itself in a growing sector while protecting its fiscal interests.
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