The Russian government is actively implementing new tax measures for cryptocurrencies as Bitcoin reaches unprecedented levels against the ruble.
Legislation Overview
On November 27, the Federation Council, the upper house of Russia's parliament, approved a federal bill introducing new tax regulations for cryptocurrency transactions. The legislation recognizes digital currencies as property and imposes a 13%–15% personal income tax on cryptocurrency sales. Additionally, Russian crypto miners are exempted from VAT on mined coins. The bill passed three readings in the State Duma and awaits President Vladimir Putin's signature. Once signed, it will take effect upon official publication.
Reporting Requirements and Penalties
Russian crypto miners are required to report their activities to local authorities. Failure to comply will result in fines of 40,000 rubles (approximately $360). However, services provided by authorized mining infrastructure operators will remain untaxed within Russia.
Bitcoin Hits Record Highs Against the Ruble
The timing of the Federation Council’s approval coincides with Bitcoin’s historic highs against the ruble. On November 27, Bitcoin reached a new all-time high of approximately 11 million rubles, according to Coinbase data. This surge is driven by Bitcoin’s global rally nearing $100,000 and the ruble’s continued depreciation against the U.S. dollar. The value of the U.S. dollar against the ruble recently hit a multiyear high of 113 rubles per dollar, levels last seen in March 2022 during the onset of Russia’s military actions in Ukraine. As of now, $1 equals 111 rubles, a 25% increase over the past year, according to TradingView data.
Russia continues to develop and implement new regulatory measures in the cryptocurrency sector, significantly impacting the market.
