Russians mining cryptocurrency may expect at least 15% tax on profits.
Russians Mining Crypto to Pay at Least 15% Tax, Companies – No Less Than 6%, Lawmaker Says
Private individuals mining cryptocurrency may expect a higher tax burden than businesses involved in the industry, a high-ranking member of the Russian parliament has indicated. While the extraction of digital currencies is yet to be regulated in Russia, authorities lean towards recognizing it as an economic activity, which will allow the government to tax mining profits.
Quoted by the business news portal Finmarket, Gutenev explained at a press conference that if cryptocurrencies are to be treated as securities in the Russian Federation, income tax must be paid when the mined coins are cashed out. The deputy was referring to the mining rewards which can be received by both natural persons and legal entities. These payments for the processing of blockchain transactions are credited to cryptocurrency wallets. Miners can choose to convert the digital coins into fiat currency.
The legal status of crypto mining, and a range of other activities related to cryptocurrencies, is yet to be defined in Russia. A debate between government institutions is currently underway to determine Moscow’s regulatory approach.
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