Duma sets minimum tax rates for miners

The income tax on withdrawals of cryptocurrency by miners into the traditional financial system cannot be less than 15%. This was заявил Vladimir Gutenev, head of the Duma’s Industry Committee, according to Finmarket.

Meanwhile, he said, the minimum profit tax rate for companies or individual entrepreneurs who mine cryptocurrencies as a business should be not less than 6%.

«When mined cryptocurrency transitions to the status of a security, tax on income must be paid for it. It probably should not be less than 15%. The tax on mining itself cannot be less than 6%», — said Gutenev.

He clarified that such calculations should apply provided that the status of cryptocurrencies is equated to securities.

In January, the Bank of Russia proposed to ban mining on the territory of the country. As one of the arguments for such a decision, the regulator cited the high load on power grids.

To combat illegal miners, the Association of Russian power engineers proposed to indicate the purposes of electricity use, and providers to furnish networks with information on miners’ IP addresses.

In the Chamber of Commerce and Industry, it was proposed to equate cryptocurrency mining to entrepreneurial activity.

According to a Cambridge Centre for Alternative Finance study from October 2021, the cumulative mining capacity in Russia accounts for 11% of the global hash rate. The United States leads with 35.4%, with Kazakhstan second at 18.1%.

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