Ministry of Finance developing taxation method for cryptocurrencies

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The Ministry of Finance is working on proposing a convenient form of taxation of cryptocurrencies, the Finance Department said on Monday. Earlier, on the MF website, there was information about the current taxation rules for trading in cryptocurrencies.

“The current status regarding the taxation of cryptocurrencies resulting from the currently applicable tax acts has been presented on the website of the Ministry of Finance, but this is not the final taxation method for this area. We are working on proposing a more convenient form of taxation for cryptocurrencies,” the ministry informed.

According to the Ministry, the circulation of cryptocurrencies such as bitcoin, litecoin or ether affects not only personal income tax, but also in the tax on goods and services (VAT) and civil law transactions (PCC).

According to the Ministry of Finance, revenues from cryptocurrencies may be classified as a source of income from property rights or non-agricultural business activity.

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