Cryptocurrency miners and coin holders will have to adhere to the existing norms of the tax code, Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, explained in an interview for Izvestia.
It means that individuals engaged in the circulation of virtual currencies will have to pay personal income tax to the amount of 13%, while the taxation of legal entities and individual entrepreneurs will depend on their type of business and an applicable tax profile.
According to Aksakov, the Duma is set to pass the bill on digital assets during its autumn session. At this stage, the document will not include separate taxation schemes for digital asset owners, which means that cryptocurrency mining and circulation will be subject to the effective provisions of the Russian tax code.
However, the committee chairman did not rule out the introduction of separate schemes in the future should the government see it fit to tax cryptocurrency-related revenues separately.
"If [lawmakers] wish to define separate tax rates for those types of business activities, they will do it. Currently, we do not deal with tax issues," he explained.
The finance ministry of the Russian Federation submitted the bill on digital assets to the State Duma back in March. The law detailing the norms for the digital economy was supposed to get approved by June. However, the lawmakers postponed the procedure to have more time for in-depth research.
Meanwhile, Arseniy Scheltsin, head of the Russian Association of Cryptocurrencies and Blockchain (RACIB), criticized the regulatory approach to cryptocurrency mining taxation.
"We shall tax the financial outcomes of labor, but not the process itself; otherwise it looks like the fight against data processing technologies. Considering the whole technological chain of the process, it is unacceptable to tax individuals and legal entities for data processing," he said.
This article appeared first on Cryptovest
