Russia Will Impose a 15% Tax on Earnings from Crypto Mining and Trading

On Monday, the Russian Ministry of Finance proposed a tax rate of 15% on crypto earnings as part of a larger effort to regulate cryptocurrency mining and transactions.

The proposed amendments, reported by Interfax, will have a significant impact on the way crypto miners are taxed, affecting their income, expenses, and related infrastructure.

One of the key aspects of the proposed legislation is the introduction of a 15% personal income tax on earnings from cryptocurrencies, marking an important step towards establishing a taxation system for the industry.

The value of mined tokens will be taxed at market value upon receipt, with miners being able to deduct operational expenses to ensure a fair calculation of taxes.

Furthermore, the new rules classify cryptocurrencies as property for tax purposes and remove the value-added tax (VAT) on crypto transactions.

Instead, income generated from these transactions will be taxed in a similar manner to securities transactions. The proposed amendments also include requirements for those operating mining infrastructure.