BlockBeats News, November 20th, according to the International Information Telegraph Agency, the Russian government has approved a draft amendment to a bill that will tax the “income and expenses” of cryptocurrency transactions and mining. The proposed legislation, developed by the Ministry of Finance, classifies cryptocurrency as property for tax purposes.
Under the new regulations, income from mining activities will be taxed based on the market value of the cryptocurrency received at the time. However, miners can deduct relevant operating expenses from the taxable income. In addition, cryptocurrency transactions will be exempt from value-added tax (VAT), and the income from cryptocurrency transactions will be taxed at a rate similar to securities trading, with a maximum personal income tax rate of 15%.