Admin l Friday, December 15, 2017
MOSCOW, Russia – Russia will soon slam 14 percent tax on earnings from cryptocurrencies. Russia’s Commissioner for Entrepreneur’s Rights, Boris Titov made the revelation on Friday.
He made the announcement at the Crypto Invest Forum in Moscow.
According to him, the tax rate for mining should be lower than VAT for foreign companies. He also proposed to transfer data to the tax service automatically by installing special chip in the equipment used for mining.
At the forum, Titov also talked about need for clear definitions of “blockchain”, “token” and “mining” on a legislative level in order to regulate cryptocurrencies. He proposed to refine these financial instruments by establishing “regulative sandboxes” as well.