Russia proposed a 15% tax on crypto income, including trading and mining, as part of efforts to increase revenue and stabilize tax policies.
New Tax Amendments
The Russian government has amended its crypto tax legislation, proposing a tax on income from crypto transactions and mining. This aims to establish a balanced taxation policy and increase revenue from the growing crypto industry.
Classification of Cryptocurrencies as 'Property'
The amendments classify cryptocurrency as 'property' for tax purposes, meaning any income from crypto mining will be taxed based on the market value of mined assets.
Impact on the Market
The tax measures are estimated to generate between $521 million and $700 million annually, strengthening Russia’s leadership in the crypto-mining sector.
These changes reinforce Russia's position on the international crypto-mining stage and contribute to boosting government revenue through the fast-growing crypto industry.
