06.12.2021

Cryptocurrency mining in Russia is recognized as a type of entrepreneurial activity

The mining of digital currency should be recognized as a type of entrepreneurial activity. It must be entered into a special register approved by the authorities, Anatoly Aksakov, head of the State Duma Committee on the Financial Market, told reporters.

This parliamentarian is known as a supporter of crypto regulation . He has repeatedly stated that every Russian holder of digital currency must report to the supervisory authorities on the state of their assets. In addition, Aksakov opposes the use of bitcoin and other virtual coins as payment instruments.

During a conversation with reporters at the Moscow Financial Forum, the head of the financial committee of the State Duma announced the need to amend tax legislation. According to him, the state is working on a mechanism for taxing cryptocurrency transactions . In parallel, work is underway to classify mining as an entrepreneurial activity.

Aksakov said:

“This is a kind of business [crypto mining] and it is obvious that it needs to be entered into the register and assigned the appropriate code, and then tax is introduced.”

According to the parliamentarian, the authorities need to clearly separate concepts such as the digital currency of the Central Bank and decentralized cryptocurrency . Only in this way will we be able to avoid confusion in matters of law enforcement.

An expert discussion is needed to develop an effective mechanism for differentiating concepts, the deputy noted.

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