State Duma considers taxing mining

Mining, or cryptocurrencies production, should be taxed, Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, stated.

Anatoly Aksakov. Kirill Kalinnikov | RIAN

He believes the tax should be imposed, since mining is a business and “some people make good profits and must therefore pay taxes”.

Yet before digital mining is taxed, there should be a legal definition of that sort of business, the parliamentarian said. As he noted, the concept of mining will be defined in the law On Digital Financial Assets.

Te law has not been passed yet, even though three respective drafts have been submitted to the State Duma. As expected, they may be reviewed this autumn. One of the documents defines mining as ‘an activity aimed at producing digital financial assets’.

An active discussion on the legal status of digital currencies and their mining was taking place throughout 2017, the year when cryptocurrencies were booming. Experts argued then, whether Russia should choose the liberal approach to digital currencies (following Japan and the US) or the prohibitive one (like in China).

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