Russia Proposes 15% Tax on Crypto Income from Mining and Trading

Nov 19, 2024, 07:14 AM

Russia's Ministry of Finance has proposed a draft amendment to impose a maximum 15% tax on cryptocurrency income. This tax will apply to both trading and mining activities, with income from mining tokens taxed at their market value upon receipt, minus operational expenses. Trading income will be taxed similarly to securities. Cryptocurrencies will be classified as property for taxation purposes, which simplifies transactions by eliminating VAT. The move aims to regulate crypto mining and trading within the country.