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Russian Finance Ministry suggests taxation of cryptocurrencies mining

December 28, 2017, 14:22 UTC+3

Mining is categorized as a business activity

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MOSCOW, December 28. /TASS/. The Russian Finance Ministry suggests collecting a tax on mining [of cryptocurrencies - TASS] similarly to taxes on business operations, Deputy Minister Alexei Moiseev told reporters on Thursday.

"We categorize mining as a business activity. Sole entrepreneurs or legal entities can deal with it," the official said commenting on the draft law on regulation of digital financial technologies.

The draft law contains no direction guidance on the mining taxation procedure and therefore norms of current taxation laws will apply, Moiseev noted.

No minimal limit of mining to be taxed is expected to be set, the deputy minister noted.

"This will already be a risk-oriented judgment of the Federal Tax Service," he added.

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