Anatoly Aksakov Says Crypto Mining Should Be Taxed In Russia

Cryptocurrency mining, according to Anatoly Aksakov, chairman of Russia’s parliamentary Financial Market Committee, should be registered as a business and taxed as such. In addition, the senator believes that Russian digital currency legislation should be improved.

Anatoly Aksakov, the head of the Financial Market Committee in the State Duma, expressed his opinion that cryptocurrency mining should be put to Russia’s register of entrepreneurial activity and taxed correspondingly when discussing impending changes in the legislation related digital currencies.

The treatment of cryptocurrency mining and the taxes of cryptocurrency-related enterprises are anticipated to be altered by the legal modifications that will be voted during the Russian parliament’s fall session.

Aksakov commented to Tass news agency on the sidelines of the Moscow Financial Forum this week:

“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 legislator is confident that digital currency adjustments will be made, as the Duma has already passed a bill dealing with the taxation of “in fact, cryptocurrencies” in first reading.

Chairman of the Committee on Legislation Pavel Krasheninnikov told Interfax earlier this month that he hopes the measure will be debated again in the lower house in the coming months.

Anatoly Aksakov further stated that the current definition of the legal word referring to cryptocurrency produces misunderstanding.

The term “digital currency” can relate to the Bank of Russia’s central bank digital currency (CBDC), but it can also apply to cryptocurrency, according to the lawmaker.

According to Aksakov, the two should be distinguished. More discussion is needed, according to the chairman of the Financial Market Committee, to clarify what “digital currency” genuinely implies.

Despite the fact that cryptocurrency is referred to as “digital currency” in Russian law, Aksakov explained that it is utilised as a financial instrument and financial asset for investment purposes rather than as a means of payment.

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