Crypto Miners And Coin Owners In Russian Must Follow Tax Rules

Anatoly Aksakov who is chairman of the Russian State Duma Committee on Financial Markets announced in his interview to Russian daily broadsheet newspaper Izvestia that  Russian cryptocurrency miners and coin holders must follow the existing rules of the taxation code.

This indicates that individuals involved in the turnover of virtual digital currencies should pay individual income tax (IIT) in the  sum of 13%, whereas the taxing of legal organizations, entities and individual entrepreneurs will rely upon their kind of activity and business and an appropriate tax profile.

Pursuant to Aksakov, the Duma is going to accept  the draft law on digital assets over the period of its autumn conference. At present stage, the written document should not involve independent taxation system for digital asset holders, which assumes that cryptocurrency mining and turnover are actual and valid provisions of the Russian tax code.

Yet, the chairman of the committee did not excluded that the implementation of independent schemes the government should see it suitable to tax cryptocurrency-related revenues separately.

In March of the current year finance ministry of the Russian Federation granted the draft law regarding the digital assets to the State Duma. The law describing the standards for the digital economy was intended to be adopted by June. Nevertheless, the legislators delayed the process to gain more time for more detailed research.