The Russian Ministry of Finance has launched a new study for crypto mining regulation after objections from the country’s law enforcement and the Central Bank.
It has been exactly one year since a regulation study on crypto miners started in the country. The Ministry of Cost’s main purpose is to fill the state coffers by taxing miners.
However, the Central Bank and law enforcement officials opposed this arrangement throughout the process. While the Central Bank denies the use of cryptocurrencies obtained by mining activities within the country, law enforcement officials are worried about the increase in money laundering cases.
According to local sources, the treasury wants to successfully complete the draft work this time. Allegedly, the new regulation law will be officially announced in the coming days.
Tax Rate Not Clarified Yet
With a planned new adjustment to the already existing tax code, miners will share a portion of their earnings with the government.
Speaking to sources, Russian state official Anatoliy Aksakov stated that the type of tax would be similar to income tax. It is still a matter of debate whether the tax will be fixed or variable according to income.
Oleg Ogienko, the state relations manager of the mining company BitRiver operating in the country, stated that the tax should be taken according to the sale of crypto.
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