The Cabinet of Ministers approved the rules for the taxation of cryptocurrencies

“As a result of conversations with the companies, the decision was made on the advisability of taxing the financial result of mining, since it more fairly reflects the results of this activity. “This approach aims to maintain a balance between the interests of companies and those of the State,” the ministry said.

Under the new rules, cryptocurrencies will be recognized as property and the income received from mining will be taken into account as digital currency received at its market value. In this case, income may be reduced by expenses incurred in connection with mining.

Cryptocurrency transactions will not be subject to VAT; Income from such operations will be computed in the same tax base as income from transactions with securities. “Therefore, the marginal personal income tax rate when taxing cryptocurrencies will not exceed 15%,” the Ministry of Finance indicated.

They added that mining infrastructure operators will have to inform tax authorities about people who mine cryptocurrencies using this infrastructure.

It previously emerged that Russia could temporarily ban mining in several regions from December as part of the fight against local energy shortages. The Ministry of Energy will consider the corresponding proposal in the intergovernmental commission on November 18. According to Kommersant, we are talking about the Irkutsk region, Buryatia, the Trans-Baikal Territory, the Karachay-Cherkess, Kabardino-Balkarian republics, North Ossetia – Alania, Ingushetia, Chechnya, Dagestan, Kherson and Zaporozhye, the regions of the DPR and the RPL.