Crypto mining should be registered and taxed in Russia, says chairman of financial markets committee

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According to Anatoly Aksakov, chairman of the Russian parliamentary committee on financial markets, cryptocurrency mining should be registered as an entrepreneurial activity and taxed as such. The legislator also believes that Russian regulations on digital currency need to be fine-tuned.

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

Discussing upcoming changes in the legislation regarding digital currencies in Russia, the Chairman of the State Duma Financial Markets Committee Anatoly Aksakov expressed his opinion that cryptocurrency mining should be added to the register of entrepreneurial activities of Russia and taxed accordingly.

The treatment of crypto mining and the taxation of cryptocurrency-related transactions are among the areas that are likely to be affected by the legal amendments that will be adopted during the fall session of the Russian parliament. Speaking to Tass news agency on the sidelines of the Moscow Financial Forum this week, Aksakov explained:

Since this is a type of entrepreneurial activity, it is obviously necessary to enter it in the register, assign a corresponding code and introduce taxation.

The parliamentarian was convinced that amendments concerning digital currencies are to be expected because the Duma has already adopted at first reading a law dealing with the taxation of “in fact, crypto-currencies”. Earlier this month, the chairman of the Legislation Committee, Pavel Krasheninnikov, told Interfax he hoped the law would fall back on the lower house prosecution in the coming months.

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

Crypto mining should be registered and taxed in Russia, says chairman of the financial markets committee

The chairman of the financial markets committee insisted that more discussion is needed to determine what “digital currency” really means. Although cryptocurrency is referred to as digital currency in Russian law, Aksakov pointed out that it is used as a financial instrument and financial asset for investment purposes rather than as a means of payment.

The high-ranking 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 defined. The monetary authority announced a plan to digitize the national fiat currency last October. The central bank is set to issue a prototype CBDC by the end of this year.

What are your expectations regarding the upcoming legal changes regarding cryptocurrencies and related activities in Russia? Let us know in the comments section below.

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