Russia to impose 15% tax on cryptocurrency income

Odaily Planet Daily Report: Russia on Monday proposed a draft amendment through the Ministry of Finance to impose a 15% tax on cryptocurrency earnings as part of a broader initiative to regulate cryptocurrency mining and trading. The proposed changes will reshape the tax framework for cryptocurrency miners, affecting their income, expenses, and related infrastructure. The income from mining tokens will be taxed at market value when received, and miners will be able to deduct operating expenses to ensure a balanced tax calculation. According to the proposed amendment, cryptocurrencies will be classified as property for taxation purposes. Additionally, the new framework eliminates the value-added tax (VAT) on cryptocurrency transactions, and the taxation of the resulting income will be similar to that of securities transactions. The proposed rules also include obligations for mining infrastructure operators. These operators will be required to notify the tax authorities of individuals utilizing their facilities for mining, but the specific data to be disclosed remains unclear. (Interfax)