Russian lawmaker proposes no less than 15% tax on crypto mining

As Russia decides its proposition on crypto assets and mining, a high-ranking Russian lawmaker has suggested a 15% tax burden on cryptocurrency miners, local media reported Friday.

Per the latest reports, Vladimir Gutenev, chairman of the industry committee at the parliament’s lower house Duma wants to levy a 15% tax on crypto mining businesses as well as a minimum 6% income tax rate on companies or individual entrepreneurs in the sector.

In a translated statement, Gutenev remarked at the press conference Friday:

“If we equate cryptocurrencies with securities, if there are certain gateways between those who mine, and when this mined cryptocurrency becomes a security for which income tax must be paid. Probably, it should not be less than 15% income tax. Mining itself cannot be less than 6% tax, as it happens in simplified terms.”

The future of cryptocurrencies remains uncertain in the world’s largest state after its central bank proposed a complete ban on crypto mining and crypto as a means of payment. However, the Russian Finance Ministry has called for regulations, not restrictions on the asset class.

Soon after, Russian President Vladimir Putin highlighted the benefits of adopting cryptocurrency mining and called for a unanimous decision on the regulation of cryptocurrencies. A recent study by the Russian government revealed that Russians own more than 16.5 trillion rubles ($214 billion) worth of cryptocurrencies, roughly equivalent to 12% of the total crypto market capitalization.

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