Crypto Mining Should Be Registered and Taxed in Russia, Says Financial Markets Committee Chairman – Mining Bitcoin News

Cryptocurrency mining should be registered as a business activity and taxed as such, according to Anatoly Aksakov, chairman of the Russian Parliamentary Financial Markets Committee. Lawmakers also believe that Russian digital currency regulations need to be refined.

Changes likely to impact mining, taxation, definition of digital currency

In the upcoming changes to the legislation on digital currencies in Russia, the head of the Financial Markets Committee of the State Duma, Anatoly Aksakov, expressed his opinion that cryptocurrency mining should be included in the Russian register of entrepreneurial activities and taxed accordingly.

The treatment of crypto mining and the taxation of cryptocurrency-related operations are among the areas likely to be affected by legislative changes set to be passed during the fall session of the Russian Parliament. Speaking to Tass news agency on the sidelines of the Moscow Financial Forum this week, Aksakov said:

Of course, since this is an entrepreneurial activity, it is necessary to enter it into the register, assign an appropriate code and introduce taxation.

The deputy spoke positively about the fact that changes can be expected in digital currencies, since the Duma has already passed a law on the taxation of “actually cryptocurrencies” in the first reading. Earlier this month, the chairman of the legislative committee, Pavel Krasheninnikov, told Interfax that he hoped the bill would end up in the lower house again in the coming months.

Anatoly Aksakov further noted that the use of the legal term in relation to cryptocurrencies as it is now defined causes confusion. The term “digital currency” can refer to a central bank digital currency ( CBDC ) issued by the Bank of Russia, but can also be understood as a cryptocurrency, the lawmaker explained. Aksakov thinks the two should be clearly distinguished.

The chairman of the Financial Markets Committee insisted that further discussions are needed to determine what “digital currency” actually means. Although cryptocurrency is referred to as digital currency in Russian law, Aksakov noted that it is used as a financial instrument and financial asset for investment purposes rather than as a means of payment.

The senior member of the Russian Parliament added that the powers of the Bank of Russia to issue a digital ruble and maintain its circulation should also be determined. The monetary authority announced a plan to digitize the national fiat currency last October. The central bank is preparing to exhibit a prototype of the CBDC by the end of this year.

What expectations do you have about the upcoming legal changes regarding cryptocurrencies and related activities in Russia? Let us know in the comments section below.

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