Russia’s Updated Crypto Mining Bill Cuts Tax Exemption for Bitcoin Miners

Less than a month later, the Russian parliament’s draft cryptocurrency mining bill lost some key points, such as the obligation for mining operators to join a special register and a one-year tax exemption for everyone who registers. As the reasoning progresses, the previous draft would lead to a loss of the federal budget.

A new draft of the Law “On Mining of the Russian Federation” dated May 20, appear From the database of the Russian Parliament, State Duma. The documentation contains several significant changes from past versions. suggest April 29 by co-sponsor.

The text has generally remained unchanged, but the new draft does not have a subsection for the registry of mine operators that companies must sign up for in order to continue working. To start mining on the latest version, cryptocurrency mining companies must register as individuals or self-employed. The company follows standard procedures for business registration.

RELATED: Russia Including Crypto in Tax Code: Rules Are Here:

Another amendment took away the promise of tax exemption in the first year of registration. The grace period was supposed to apply to the customs clearance of mining hardware adopted by the Russian government on March 8, all profits prior to the passage of the law and the possibility of violating strict restrictions on overseas remittances. Local media, Duma Justice in draft review Criticism The registration and tax amnesty initiative stated that “it could cost the federal budget.”

On April 7, Anatoly Aksakov, chairman of the State Duma’s Financial Markets Committee, announced that amendments to the federal tax code on cryptocurrencies would be passed by the end of the summer congressional session. We don’t know if any specs related to mining will be included or not.

Leave a Comment