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Russia Envisions Taxation of Cryptocurrency Mining As Business Activity

© REUTERS / Dado RuvicA coin representing the bitcoin cryptocurrency is seen on computer circuit boards in this illustration picture, October 26, 2017
A coin representing the bitcoin cryptocurrency is seen on computer circuit boards in this illustration picture, October 26, 2017 - Sputnik International
MOSCOW (Sputnik) - Russia's Finance Ministry has envisioned taxation of cryptocurrency mining as an entrepreneurial activity in the draft law on cryptocurrencies, Deputy Finance Minister Alexei Moiseev told reporters on the sidelines of the Public Council under the ministry on Thursday.

"There [in the draft law] there is a reference to regulations of mining taxation, which the president ordered us to do. We refer mining to entrepreneurial activity. In this connection, some types of activities, when any person can join and issue, in fact, be engaged in mining, will be a bit outside the law," Moiseev said.

"We call this entrepreneurial activity, therefore, either individual entrepreneurs or legal entities may be engaged in entrepreneurial activity," he said.

The Russian authorities have been thinking over elaborating a cryptocurrency legislation for a while. On May 25, Russia's Central Bank (CBR) Deputy Governor Olga Skorobogatova announced that it would present draft legislation on taxation, control and accounting related on the virtual currencies as a digital good.

In October, Vladimir Putin ordered to issue Russia's own official cryptocurrency — the CryptoRuble.

READ MORE: 'Abnormal Situation': South Korea Reins in Cryptocurrency Trading

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In Russia, there have already been several attempts in recent years to create cryptocurrencies with government involvement – for instance, national research institute Innovative Technologies developed the bitcoin analog RuCoin. It has already been added to some global trade platforms and its developers have attracted over $200,000 in investment.

The Central Bank, the Ministry of Finance and the Federal Financial Monitoring Service will all be involved in the process of preparing regulations on crypto-currencies, including the creation of a framework that would include a legal definition of a crypto-currency and outline the powers of the Central Bank in regards to virtual money.

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