Crypto Mining Should Be Registered and Taxed in Russia, Financial Market Committee Chair Says

Cryptocurrency mining should be registered as entrepreneurial activity and taxed as such, according to Anatoly Aksakov, chairman of Russia’s parliamentary Financial Market Committee. The lawmaker also thinks Russian digital currency regulations need refinement.

Amendments Likely to Affect Mining, Taxation, Definition of Digital Currency

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

The treatment of crypto mining and the taxation of cryptocurrency-related operations are among the areas that are likely to be affected by the legal amendments to 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 elaborated:

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

The parliamentarian was positive that amendments concerning digital currencies are to be expected as the Duma has already adopted on first reading a law dealing with the taxation of “in fact, cryptocurrencies.” Earlier this month, Chairman of the Committee on Legislation Pavel Krasheninnikov told Interfax that he hopes the law will hit the floor of the lower house again in the coming months.