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Crypto Mining and Trading In Russia Will Attract 15% Tax – Here’s How It Compares Globally

Ash Tiwari
by Ash Tiwari
9 months ago
·
Posted in Crypto regulation
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Russia is poised to implement a 15% tax on all crypto mining and trading activities. The move aims to foster a regulatory framework that supports the growing digital asset industry.

15% Tax On Crypto Trading And Mining Activities

According to Interfax, the Russian Government has approved draft amendments to the bill on taxation of income and expenditures from mining and trading digital assets. Notably, the Ministry of Finance is working toward classifying digital assets as property for tax reporting purposes.

Related Reading: South African Revenue Service Cracks Down On Crypto With New Tax Rules

Under the proposed amendments, income generated from digital asset mining and trading will be taxed at 15%. This initiative aims to establish a fair and business-friendly tax regime for the expanding crypto industry.

For miners, the taxable amount will be determined based on the market value of the underlying digital asset at the time it is received. Additionally, miners can deduct expenses incurred during their operations from their taxable income.

It is worth highlighting that digital asset transactions will be exempt from value-added tax (VAT). Instead, income from crypto transactions will be treated similarly to income from securities transactions. As a result, the maximum individual tax liability from digital asset transactions will not exceed 15%.

Digital asset mining infrastructure operators must also inform tax authorities about miners. The Russian Finance Ministry explained:

As a result of discussions with businesses, a decision was made on the advisability of taxing the financial result from mining as the fairest reflection of the results of this activity. This approach is aimed at observing a balance between the interests of businesses and the state.

How Does It Compare To Digital Asset Taxes Globally?

Russia’s proposed 15% tax rate is relatively moderate compared to digital asset taxation policies in other countries. For instance, in 2022, India introduced a flat 30% tax on any profits from crypto trading or sales and a 1% tax deducted at source (TDS) on transactions exceeding $590 annually.

Related Reading: India Seeks Stakeholder Input On Crypto Regulation, Incoming Relief For Traders?

In Europe, Italy recently revised its earlier plan to impose a 46% tax on crypto capital gains. The country is now considering a reduced 28% tax rate not to stifle its budding crypto ecosystem.

A more radical approach to virtual asset taxes was observed in Denmark. The Danish government is speculated to implement a 42% tax rate on unrealized crypto gains from 2026 onwards.

Another European country, The Netherlands, is taking a more measured approach to virtual asset taxation. The Dutch government recently stated it is inviting public feedback on its proposed tax policy before implementation.

Meanwhile, the newly elected US president, Donald Trump, has announced plans to make the country the “crypto capital of the world.” Trump has proposed to remove all capital gains taxes on Bitcoin (BTC) transactions when used for purchases.

The UAE has removed VAT in the Middle East on all crypto transactions and conversions, further solidifying its reputation as a crypto-friendly jurisdiction. BTC trades at $92,488 at press time, up 2.2% in the past 24 hours.

bitcoin
BTC trades at $92,488 on the daily chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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