Russia has passed a bill that could reshape how crypto mining and trading are handled. With the Federation Council's approval, only President Vladimir Putin's signature is needed to make it official.
What's in the Bill?
The bill treats digital currencies as property, making them subject to taxes, but exempts crypto transactions from VAT. For the first time, cryptocurrencies will be recognized as 'property' in Russia, resolving legal uncertainties. The bill introduces a tiered tax system for miners: those earning up to 2.4 million rubles will pay a 13% tax, while higher earners face a 15% rate. Miners must report operations to the Federal Tax Service (FTS), with non-compliance fines up to 40,000 rubles.
Mining Gets More Scrutiny
Mining companies will have to report client information to tax authorities. Russia has also limited energy usage for unregistered individuals to no more than 6,000 kilowatt-hours a month, capping small-scale operations.
What’s Next?
With the bill backed by both houses of parliament, President Putin's decision is awaited. If signed, these rules could set the tone for how Russia handles crypto in the future, making traders and miners adapt to new regulations.
Russia’s approach could signal a trend as governments globally work to balance innovation and control in the crypto space.
