968 views
Mining may be designated as entrepreneurship in Russia
The Ministry of Economic Development and the Ministry of Energy supported the idea of designating mining as entrepreneurial activity.
There is still no regulation of mining activities in Russia, the Ministry of Finance told Izvestia. The Law on Digital Financial Assets (DFA) does not define “mining”, but includes a definition of “issuance of digital currency”. The Russian National Classifier of Types of Economic Activity (OKVED) does not mention the cryptocurrency mining either.
According to the Ministry of Economic Development, mining should be designated as entrepreneurship and regulated, since it fits well into the definition of entrepreneurial activity given in the Civil Code.
“Recognition of mining as a business will allow incomes from such activities to be taxed, thus, increasing state budget revenues,” the ministry said.
The idea of recognizing mining as entrepreneurship is also supported by the State Duma. Financial Market Committee Chairman Anatoly Aksakov noted in an interview with Izvestia that crypto mining is not prohibited even now, but the principles of its taxation are unclear.
The Central Bank has consistently opposed the circulation of cryptocurrencies in Russia. The Bank of Russia informs that it does not support initiatives facilitating the emergence of quasi-money.
The Ministry of Finance, in turn, believes that the issues of mining activities, “including the definition of regulatory specifics, must be considered in the context of establishing a legal framework for the digital currencies circulation".
Source: Izvestia