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Russia’s taxes on cryptocurrencies may be similar to income tax — Finance Ministry

According to Head of Financial Policy Department Ivan Chebeskov, the question of whether there will be a transitional period is being discussed

MOSCOW, February 11. /TASS/. The taxation of cryptocurrencies in Russia is being discussed in the government. Cryptocurrencies might be equated to property and be subjected to income tax, according to Head of Financial Policy Department at the Ministry of Finance Ivan Chebeskov.

"There are many questions in regard to taxation. There is taxation associated with individuals, with legal entities. Taxation of mining is a separate topic. In general, it is assumed that digital currency will be equated to some kind of property. And as property, it will be taxed if, for example, income will be earned with it," he said.

According to Chebeskov, the question of whether there will be a transitional period is being discussed. "We are discussing various mechanisms for a certain transitional period in terms of taxation, so it would serve as an incentive for declaring possession of these assets," he added.

He noted that the bill on regulating cryptocurrencies will be prepared by February 18 and submitted to the government.

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