The Finance Ministry will work out a separate bill for taxation of transactions with cryptocurrencies

A separate bill regulating taxation of transactions with cryptocurrencies will be developed in the near future by the Ministry of Finance of Russia, – said Deputy Minister Ilya Trunin.

According to him, this issue is not yet defined by law, which objectively is a big problem. When the law on regulation of digital assets is adopted, it would be much easier. There will be legislative framework outlining these issues in the Tax code. In fact, this is the law of the satellite, and its coordination is in full swing, said Trunin.

That the Ministry of Finance has dealt with the possibility of introducing a system of taxation of income from cryptocurrency mining, previously reported by Alexey Moiseev, another Deputy Minister of Finance. However, he noted that to tax the incomes of the owners of cryptocurrency from rising market prices is not planned.

Mining, he said, will be exclusively the commercial activities. The status of the miner will need to arrange appropriately, available as individual entrepreneurs, and legal entities.

Today the Ministry of Finance has already submitted
the draft law on regulation of digital financial assets, which provides a definition of crypto-currencies, token and ICO, but the rules of taxation of cryptocurrencies in the bill are not yet available. However, the bill has faced criticism of the Central Bank, which aims to establish more stringent framework for cryptocurrency, completely eliminating their turnover as a means of payment, and to limit stock trading.

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