Russian Finance Ministry to Suggest Collecting Taxes on Mining of Cryptocurrency

On Thursday, Deputy Minister Alexei Moiseev announced that the Russian Finance Ministry has reportedly suggested collecting taxes on mining of cryptocurrencies. This tax will be introduced through a new draft law, which was announced earlier this week.

According to Russian media outlet, TASS, while sharing details about the tax, the Minister reported stated:

“We categorize mining as a business activity. Sole entrepreneurs or legal entities can deal with it.”

Moiseev also shared that the draft law will contain no direction guidance on the mining taxation procedure and therefore norms of current taxation laws will apply. The Minister then noted that there is no minimal limit of mining to be taxed is expected to be set.

“This will already be a risk-oriented judgment of the Federal Tax Service.”

Earlier this week, Finance Minister Anton Siluanov revealed more details about the draft law:

“The Ministry of Finance has prepared a draft law, currently under consideration, which will determine the procedure for issuing, taxing, buying and circulation of cryptocurrency.”

TASS added that President Putin has instructed the government and the Central Bank to develop legislative regulation of cryptocurrencies, mining, and ICO by July 2018.

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