The Russian government has approved a new framework for taxing cryptocurrency transactions.
On November 27, Russia’s Federation Council passed a bill recognizing digital currencies as property and introducing a 13%–15% personal income tax on crypto sales. Miners are exempt from value-added tax (VAT) on mined coins.
The legislation, which passed three readings in the State Duma, now awaits President Vladimir Putin’s signature to become law. Once signed and officially published, the rules will take effect. The bill requires crypto-mining operators to report their activities to authorities, with non-compliance incurring fines of 40,000 rubles (around $360).
The framework aims to formalize Russia’s crypto sector while ensuring tax compliance, reflecting the country’s cautious yet strategic approach to digital assets. This move places Russia among nations striving to regulate cryptocurrencies without stifling innovation.
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Russia Expands Crypto Adoption
Russia is increasingly integrating cryptocurrency into its financial and regulatory frameworks. The country’s largest bank, Sberbank, is participating in the central bank’s cryptocurrency settlement pilot. This move aligns with Russia’s broader strategy to navigate international sanctions and enhance economic sovereignty by reducing dependence on the SWIFT interbank system.
Moreover, President Putin has legalized cryptocurrency mining in the country. Russian residents will now be permitted to mine and trade digital currencies.
These developments illustrate Russia’s strategic pivot towards leveraging blockchain and cryptocurrency as tools for economic resilience and innovation.
