Bitcoin

DeFi

Planet

<div class="intro-text">
 Russia is advancing a draft amendment to its Bitcoin mining legislation, proposing new tax regulations for crypto mining activities, transactions, and associated infrastructure.&nbsp;
</div>
&nbsp;
<a style="color: #0000ff;" href="https://interfax.com/newsroom/top-stories/107828/" rel="noopener noreferrer nofollow">According to a report by local media Interfax</a>, the country’s Ministry of Finance has introduced amendments detailing tax guidelines for income and expenses in the crypto mining sector, as well as obligations for mining infrastructure operators.
The amendments classify cryptocurrencies as property for tax purposes, with income from mined tokens taxed at their market value upon receipt. According to the report, miners can also deduct related expenses from their taxable income.
Also, cryptocurrency transactions will be exempt from value-added tax, with income from such operations taxed similarly to securities transactions. A maximum personal income tax rate of 15% is proposed for cryptocurrency earnings.
Mining infrastructure operators will also face stricter obligations, including reporting individuals using their facilities for mining to tax authorities. However, details on the specific information to be disclosed remain unspecified.
This news comes as the Russian government <a style="color: #0000ff;" href="https://interfax.com/newsroom/top-stories/107315/" rel="noopener noreferrer nofollow">finalized</a> a legal framework for cryptocurrency mining earlier this month. The new regulations allow individuals and legal entities to mine cryptocurrencies if registered with the Federal Tax Service. Citizens without entrepreneurial status can mine within a monthly energy limit of 6,000 kWh but must register as individual entrepreneurs if they exceed this threshold.&nbsp;
Meanwhile, the rise of crypto mining in Russia has raised concerns about potential energy shortages, especially in southern Siberia, where low electricity costs have attracted miners. Maxim Oreshkin, a senior government official, <a style="color: #0000ff;" href="https://defi-planet.com/2024/11/russian-official-warns-of-energy-shortage-risk-due-to-crypto-mining-boom/" rel="noopener noreferrer nofollow">&nbsp;recently warned that mining growth</a><a style="color: #0000ff;" href="https://defi-planet.com/2024/11/russian-official-warns-of-energy-shortage-risk-due-to-crypto-mining-boom/" rel="noopener noreferrer nofollow">&nbsp;</a>could strain the energy grid within five to ten years. He called for strategic adjustments to maintain competitive energy costs and avoid widespread shortages.
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
The post <a href="https://defi-planet.com/2024/11/russia-to-impose-15-tax-on-bitcoin-mining-profits/" rel="noopener noreferrer nofollow">Russia to Impose 15% Tax on Bitcoin Mining Profits</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Russia to Impose 15% Tax on Bitcoin Mining Profits

DeFi Planet

Other articles published on Nov 18, 2024

Hamster Kombat Loses 86% of Active Users: Possible Reasons

Microstrategy outperforms Warren Buffet’s Berkshire Hathaway by the largest margin since the dot-...

Trump Takes Action on Cryptocurrency Following Election Victory

AI Generators: Top Tools for Images, Videos, Music, Logos, and More

Scaramucci Discusses Bitcoin’s Market Value Challenges

RENDER Price Breaks Key Trendline As Analyst Claims $30 Could Be Within Reach

Join our free newsletter for daily crypto updates!