The Russian government has approved amendments to the law concerning the taxation of crypto transactions, introducing a tax rate of up to 15%.
Changes in Cryptocurrency Tax Law
The new law recognizes digital currency as property for tax purposes. Income generated from trading crypto will be taxed at a rate of up to 15%, aligning with the tax on securities transactions.
Mining and Crypto Transaction Taxes
The bill also introduces rules for taxing crypto mining income and expenses. Miners can deduct expenses related to hardware and electricity. Crypto transactions will be exempt from VAT to encourage adoption.
Requirements for Mining Infrastructure Operators
Operators of mining infrastructure must report service data to the Federal Tax Service. Not complying will result in fines. Registration for legal operation is being discussed.
The implementation of new rules aims to create a transparent tax environment and to stimulate innovation and growth in the crypto industry.
