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Home News

Russia to Impose 15% Tax on Bitcoin Mining Profits

18 November 2024
in News, Regulation
Reading Time: 3 mins read
109 1
Source: coingeek.com

Source: coingeek.com

Russia is advancing a draft amendment to its Bitcoin mining legislation, proposing new tax regulations for crypto mining activities, transactions, and associated infrastructure. 

 

According to a report by local media Interfax, the country’s Ministry of Finance has introduced amendments detailing tax guidelines for income and expenses in the crypto mining sector, as well as obligations for mining infrastructure operators.

The amendments classify cryptocurrencies as property for tax purposes, with income from mined tokens taxed at their market value upon receipt. According to the report, miners can also deduct related expenses from their taxable income.

Also, cryptocurrency transactions will be exempt from value-added tax, with income from such operations taxed similarly to securities transactions. A maximum personal income tax rate of 15% is proposed for cryptocurrency earnings.

Mining infrastructure operators will also face stricter obligations, including reporting individuals using their facilities for mining to tax authorities. However, details on the specific information to be disclosed remain unspecified.

This news comes as the Russian government finalized a legal framework for cryptocurrency mining earlier this month. The new regulations allow individuals and legal entities to mine cryptocurrencies if registered with the Federal Tax Service. Citizens without entrepreneurial status can mine within a monthly energy limit of 6,000 kWh but must register as individual entrepreneurs if they exceed this threshold. 

Meanwhile, the rise of crypto mining in Russia has raised concerns about potential energy shortages, especially in southern Siberia, where low electricity costs have attracted miners. Maxim Oreshkin, a senior government official,  recently warned that mining growth could strain the energy grid within five to ten years. He called for strategic adjustments to maintain competitive energy costs and avoid widespread shortages.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Tags: BitcoinRussia
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Jewel Buddy

Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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