Russia to tax crypto mining hardware rentals for foreign companies

Russia’s finance ministry is set to impose a VAT on crypto mining equipment leased to foreign clients, addressing gaps in current tax regulations.

Private individuals mining cryptocurrency will pay income tax between 13% and 15%, while businesses will incur a 25% corporate tax. Mining transactions within Russia are currently exempt from VAT.

The authorities anticipate generating up to 50 billion rubles (about 600 million USD) in tax revenue from the mining sector as it continues to evolve after recent legalizations.