Cryptocurrency Miners and Owners Will Be Taxed In Accordance with Existent Schemes

Cryptocurrency Miners and Owners Will Be Taxed In Accordance with Existent Schemes

Cryptocurrency miners and owners in Russia will be regulated under the Internal Revenue Code, as the Chairman of the Russian State Duma Committee on Financial Markets, Anatoly Aksakov, told the local news media Izvestia July 18. Individuals and legal entities will be taxed separately but in accordance to the existent Tax Code of Russia. Thus, physical people will be regulated under the conditions of the personal income tax, while entities – conforming to their form of business. Aksakov mentioned that in the future specific taxation schemes may appear if the government wishes so, but for now, no new laws will be introduced. Lawmakers are planning on passing the bill on cryptocurrency mining and holding during the Autumn session of the Duma.

This spring, the Russian State Duma’s Committee for Legislative Work conducted the first reading of an initiative that will set up regulations for the digital economy in the Russian Federation Civil Code. The upcoming law is meant to “minimize the existing risks of using digital objects for transferring assets into an unregulated digital environment for the legalization of criminal incomes, bankruptcy fraud or for sponsoring terrorist groups.”

Earlier in July, Cointrend.me has reported that the CEO of the largest state Russian bank Sberbank Herman Gref claimed that he doesn’t foresee the government cede its role in the centralized money emission to any other entity.

 

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