The Russian government is moving quickly to implement new cryptocurrency taxes as Bitcoin reaches record highs against the ruble.
On Nov. 27, Russia’s Federation Council, the upper house of 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.
It also exempts Russian crypto miners from value-added tax (VAT) on mined coins.
Legislation Overview
The bill, which passed three readings in the State Duma before Federation Council approval, now awaits President Vladimir Putin’s signature to become law.
Once signed, it will take effect upon official publication.
The bill defines digital currency as property, including those used as payment under foreign trade agreements within Russia’s experimental legal crypto regime.
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 Nov. 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.
Related Developments
Russia is also considering limiting crypto mining in 13 regions to conserve electricity.
