posted about 2 years ago Russia plans to tax cryptocurrency transactions in the near future. The State Duma and the Ministry of Finance are preparing to introduce the legislation according to the publication Kommersant. Miners will be considered entrepreneurs, and they will have to keep records, and pay taxes/fees. Cryptocurrency transactions themselves will not be taxed unless the transaction "brings the individual financial benefits." Lawmakers intend to set the tax rate on cryptocurrencies to 13%. But, according to experts it will not be implemented immediately. For example, taxation does not yet know how it will identify miners and investors of cryptocurrency. "The FTS simply does not have any experience in this area, nor understanding of how cryptocurrency exchanges operate. In addition, state regulation runs counter to the principles of anonymity and independence regarding the functioning of electronic currency," according to a letter from the Ministry of Finance addressing cryptocurrency dated October 13, 2017. Tags: bitcoin, news
Russia is planning to tax cryptocurrency transactions, with the rate expected to be about 13%. The State Duma and Ministry of Finance are believed to be preparing legislation, but the tax is not expected to be introduced immediately. If the tax is launched, cryptocurrency miners will be classified as entrepreneurs and be expected to maintain records and pay taxes, although some transactions may be exempt. Details have yet to be released. The Ministry of Finance admitted last year that state regulation ran against the principles of independence for electronic currencies.