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Russia to implement crypto tax before regulation

Russia crypto tax

After a meeting in the Russian Committee for Digital Economy, it was decided that the federation will implement guidelines for taxing cryptocurrencies before legislative processes for regulating digital assets are finalized.

According to representatives of the Committee, having no guidelines on how to treat crypto taxes are going to create unnecessary issues for people involved in the industry. This targets not only institutional players, but retail as well.

Meaning that individuals who file taxes on a regular monthly basis will have to classify their crypto capital gain as well and calculate due tax based on the exchange rate of a cryptocurrency exchange they are currently using.

If the crypto exchange is located outside of the country, the conversion will happen thusly. The crypto assets will first be converted into Bitcoin, then into USD and finally into rubles.

The committee also discussed the taxation of mining operations within Russia. It’s not clear whether or not the government recognizes mining as a legitimate industry yet, but due tax will also be required from both corporate and entrepreneurial miners in the future.

This will most likely be calculated through regular income tax percentages for the miners in addition to payments for the amount of electricity used.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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