On October 17, 2024, Russia's lower house of Parliament announced plans to introduce a new tax code specifically for cryptocurrency miners. This move follows the recent legalization of crypto mining in the country and aims to regulate the rapidly growing industry.
Deputy head of the State Duma Committee on Information Policy, Anton Gorelkin, stated that the new tax regulations will be reviewed in the coming months, with expectations for a mining taxation law to be passed by the autumn. Proposed tax models include income tax and a variable-rate tax on electricity consumption.
This legislation seeks to establish clear guidelines for an industry that has previously operated without defined regulations. Since the legalization in August, crypto mining has been permitted for legal entities, registered individual entrepreneurs, and individuals with specified energy limits.