Russia's Finance Ministry plans to tax cryptocurrency mining “as an entrepreneurial activity.” The changes are envisioned in the draft law on cryptocurrencies, Sputnik reported.
"The bill makes reference to regulations of mining taxation, which the president ordered us to do. We refer mining to entrepreneurial activity,” Russia’s Deputy Finance Minister Alexei Moiseev told reporters today.
“In this connection, some types of activities, when any person can join and issue, in fact, be engaged in mining, will be a bit outside the law," Moiseev said.
The Deputy Minister noted that the draft law includes no direct instructions on the taxation procedure, which means the norms of the current tax legislation will be applied.
“The minimum threshold for the volume of mining, from which this activity will be taxed, is not expected to be established,” the Deputy Minister added.
The Russian authorities have been thinking over elaborating a cryptocurrency legislation for a while.
In October, Vladimir Putin ordered to issue Russia's own official cryptocurrency — the CryptoRuble.