Russia’s Crypto Miners Told To Brace for New Tax Rules by Year-End

Key Takeaways

• Russia recently legalized crypto mining.
• Lawmakers are exploring different tax models.
• Tax models under consideration include income tax and a variable-rate tax.

Russia’s Parliament is preparing to introduce a new tax code for cryptocurrency miners as the industry gains momentum following its recent legalization.

Russia’s New Crypto Miner Tax Code

Russia’s lower house of Parliament shared that a new legislative framework for crypto miners is on the horizon, with lawmakers aiming to introduce tax regulations by year-end.

According to Anton Gorelkin, the deputy head of the State Duma Committee on Information Policy, Information Technologies, and Communications, the new rules will provide a fresh set of guidelines for the rapidly growing industry.

Details of the planned amendments to the tax code will be reviewed in the coming months. The Ministry of Finance expressed confidence in passing a mining taxation law this autumn.

While the framework for taxing crypto mining remains unclear, lawmakers are considering an income tax and a possible excise tax on electricity consumption.

The legislation promises to bring order to an industry that has operated largely without clear guidelines.

Since its legalization in August, crypto mining has been greenlit for domestic activity by legal entities, registered individual entrepreneurs, and individuals with designated energy limits – but the question of how to tax this activity has remained unresolved.

Tax Models Under Consideration