YEREVAN (CoinChapter.com) — The Russian Federation Council has passed a comprehensive cryptocurrency taxation framework while Bitcoin reached record highs against the ruble. The legislation brings notable changes to crypto sales, mining, and taxation in Russia.
Russian Crypto Taxation Classifies Digital Currencies as Property
On Nov. 27, Russia’s Federation Council approved a bill that officially recognizes digital currencies as property. The law introduces 13%–15% personal income tax on profits from cryptocurrency sales. However, mined coins are exempt from value-added tax (VAT).
The bill passed three readings in the State Duma before receiving final approval. Now awaiting President Vladimir Putin’s signature, the law will come into force upon official publication. This measure aims to provide a structured approach to cryptocurrency taxation in Russia.
Crypto Mining Reporting Becomes Mandatory
The legislation includes provisions for crypto mining operators, requiring them to report all relevant activities to local authorities. Operators providing mining infrastructure services must submit specific details to comply with tax control requirements.
Failure to adhere to these reporting rules will lead to fines of 40,000 rubles (about $360). Notably, authorized mining operators in Russia are exempt from taxation on the services they offer, provided they comply with the legal framework.
The law also covers digital currencies used for foreign trade under Russia’s experimental legal crypto regime. These crypto transactions are treated as taxable property within the country.
Bitcoin Hits Record Price Against the Ruble
The Federation Council’s approval of the taxation framework coincides with Bitcoin reaching an all-time high of approximately 11 million rubles on November 27. Data from Coinbase shows Bitcoin’s global rally and the ruble’s depreciation contributed to this milestone.
In addition, the ruble’s value against the US dollar fell to 113 rubles per dollar on the same day. This level was last observed in March 2022, following Russia’s announcement of its “special military operation” in Ukraine. According to TradingView data, the ruble has depreciated by 25% over the past year and is now valued at 111 rubles per dollar.
Notably, the taxation law comes amid heightened cryptocurrency activity and economic challenges in Russia. As Bitcoin nears $100,000 globally, the legislation aims to formalize the sector and ensure compliance with crypto tax obligations.
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