The Russian Ministry of Finance approves new amendments to regulate the crypto sector, including mining and trading activities.
The Russian government has taken another step toward regulating cryptocurrencies by introducing new legislative proposals aimed at overseeing the sector from a tax perspective. According to the Interfax news agency, the Ministry of Finance has approved a series of amendments that will classify cryptocurrencies as assets for tax purposes.
The new regulations stipulate that income from mining activities will be taxed based on their market value at the time of receipt. A favorable aspect for miners is the ability to deduct operating expenses from the taxable base, thereby reducing the overall tax burden.
The amendments also establish that cryptocurrency transactions will be exempt from VAT, while profits from trading will be subject to the same rates applied to stock transactions, with a maximum personal income tax rate of 15%.
Following the legalization of mining, the government has set a monthly energy consumption limit of 6,000 kilowatt-hours for unregistered miners. Meanwhile, the Russian Federal Tax Service has proposed taxing unrealized gains from mining activities.
