A draft of amendments to the bill on taxation of income and expenses from crypto transactions and mining has been approved by the Russian government.
According to a report by Interfax news agency, the country's Finance Ministry has proposed cryptocurrencies be classified as property for tax purposes.
This means miners will have to pay taxes on the income they earn from mining, based on the market value of their earnings at the time they receive them.
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However, they will be able to deduct expenses related to their mining activities from their taxable income.
In addition, crypto transactions will be exempt from value added tax, but income from trading will be taxed at the same rates as income from securities transactions, with a maximum personal income tax rate of 15%.