фото показано с : invezz.com

Russia is advancing its regulatory framework for cryptocurrency mining with a proposed amendment to its Bitcoin mining legislation.

An Interfax report states, that the draft, introduced by the Ministry of Finance, establishes new tax guidelines for income and expenses related to crypto mining and infrastructure operations.

The changes, effective since 1 November, aim to streamline the legal and economic aspects of mining while imposing strict compliance requirements.

Notably, the new rules classify cryptocurrencies as property for tax purposes and address income tax rates, expenses, and exemptions.

The draft legislation redefines how cryptocurrencies are treated under Russian tax law.

Tokens obtained through mining are classified as property, with income taxed based on market value at the time of receipt.

This move aligns cryptocurrency earnings with traditional income sources, creating a framework for miners to report their revenue accurately.

Miners can deduct operational expenses, such as equipment costs and electricity bills, from their taxable income.

This approach mirrors global practices, offering a semblance of legitimacy to Russia’s crypto-mining sector, even as the country grapples with international sanctions and limited access to global financial systems.

By providing clear guidelines, the Russian government aims to foster transparency and reduce tax evasion in the industry.

The amendments clarify that cryptocurrency transactions will not attract value-added tax (VAT).

Instead, profits from trading tokens will be taxed alongside income from securities transactions, simplifying compliance for operators and investors alike.

Personal income tax rates on cryptocurrency earnings are set at a maximum of 15%, a measure likely intended to balance government revenue generation with incentives for legal compliance.

This differentiation ensures that taxation does not stifle growth in the burgeoning digital asset sector, which has seen significant investment despite regulatory uncertainty.

Mining infrastructure operators are now required to notify tax authorities about individuals using their facilities.

While the specifics of what details must be disclosed remain unclear, this requirement underscores the government’s intent to monitor mining activity closely.

Such measures could enhance oversight but may raise concerns about privacy and data security among users.

Registered operators must comply with stricter regulations, which include notifying authorities of customer activities and adhering to consumption limits.

These rules aim to curb illegal mining and ensure energy usage remains within sustainable limits.

The draft limits mining activities for individuals who are not registered entrepreneurs.

Non-registered miners are allowed to mine Bitcoin within a monthly electricity consumption limit of 6,000 kWh.

Beyond this threshold, miners must obtain formal entrepreneur status to continue operations legally.

Temporary mining bans have also been imposed in energy-deficient regions.

From 1 December 2024 to 15 March 2025, mining will be restricted in specific areas to mitigate electricity shortages during the winter.

These measures reflect the government’s attempt to balance the growing demand for mining against infrastructure constraints.

The introduction of these rules marks a pivotal moment for Russia’s cryptocurrency landscape.

By creating a clearer regulatory structure, the government seeks to legitimise crypto mining while addressing concerns around energy consumption and tax compliance.

Challenges remain, including the lack of clarity on reporting requirements for mining operators and the impact of regional bans on smaller-scale miners.

The proposed regulations could position Russia as a significant player in the global cryptocurrency market, particularly in mining.

Yet, their effectiveness will largely depend on enforcement mechanisms and the willingness of miners to operate within legal boundaries.

The post Russia to impose 15% tax on Bitcoin mining profits under new draft bill appeared first on Invezz

Similar to Notcoin - Blum - Airdrops In 2024

origin »

202 +